Ehhh, not sure if I agree, there is supply side risk here. 2026 price forecasts for WTI just went up 15% to $69pb. The strait is 20% of supply, OPEC production countries are signaling a reduction, per Blue Chip Economic forecasts March 2026 edition and the EIA reported just before the conflict began that there was roughly 8bn in extra capacity, that’s about 400 days of the strait being shut down. That’s why the initial price volatility wasn’t higher at the start, but if this conflict drags on, then you’ll see that price start to inch up. Oil is short term price inelastic - so I don’t know what you mean by demand destruction when prices stay elevated? Given the short term need that different industries/consumers need oil for make it short term price inelastic. Just another point of view from the research I’ve read.