Also price of oil isn't the only factor. Refineries going offline is a major factor in price at the pump, and there are a lot of refineries in the middle east. Its not just the price of unrefined oil.

Certainly, just like the Treasury is attempting to manipulate debt costs with their bond market interventions. Both are illusions of effort, both ineffective.

“Extend and pretend.” Luckily, we’re almost out of runway, both with oil and the bond market. Natural consequences are required to encourage improved outcomes.

(The war will not end until Iran decides to end it, just as Ukraine can lob drones at Russian refineries and oil terminals forever)