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Brent Crude Peaks at $125, Not Predicted $200, Due to Normal Market Adjustment: Brookings Fellow

GateNews
According to Robin Brooks, senior fellow at Brookings Institution and former Goldman Sachs forex strategist, on July 18, crude oil prices peaked at around $125 per barrel rather than the predicted $200 due to normal market adjustment mechanisms, not because the Strait of Hormuz remained open or China suppressed prices. Brooks rejected claims that the Hormuz Strait was not effectively blockaded, citing official Gulf region production data showing tanker shipments nearly halted in March-April, with Iraqi crude exports dropping to near-zero in April. He also dismissed the argument that China's reduced crude imports were the primary brake on oil prices, noting that countries with sufficient strategic reserves—including South Korea and Japan—similarly tapped reserves during the same period, while India maintained imports by utilizing U.S. sanctions exceptions on Russian crude. Brent crude broke through $126 in late April, then retreated; recent Iran-U.S. tensions have renewed strength but prices remain below $90 per barrel.
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