The pain started long before US$150 oil

COMMODITIES research giant TD began a recent report on a sombre note: “Storms are brewing that could still see Brent crude hit US$150 a barrel or higher.”

The house sought to remind markets that the current “calm” – on a relative scale – belies that the “renewed periods of angst” are “just around the corner”.

Such predictions may sound extreme. But, it is starting to seem less far-fetched now, as more heavyweight pundits raise the possibility that the Strait of Hormuz could remain blocked until June and the US-Iran war might drag on.