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In the meantime, we get to test his theory.

Oil crosses $110 for the first time since 2022 as Iran war keeps Strait of Hormuz closed, forces shut-ins

Oil prices crossed $110 per barrel for the first time since the early months of the Russian invasion of Ukraine in 2022, with no signs of slowing down in what has been the fastest oil rally since the 1980s.

Futures on international pricing benchmark Brent crude (BZ=F) and US benchmark West Texas Intermediate crude (CL=F) both jumped more than 25% to briefly crest $119 per barrel in overnight trading. The two products then pared back to around $100 on Brent and $94 on WTI through Monday morning.

Brent crude and WTI crude are up roughly 37% and 40%, respectively, since the conflict began.

US stocks plummeted into the red as Monday's trading session opened. The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) both lost roughly 1.3%, while the Dow Jones Industrial Average (^DJI) fell a steeper 1.6%

https://finance.yahoo.com/news/oil-crosses-110-for-the-first-time-since-2022-as-iran-war-keeps-strait-of-hormuz-closed-forces-shut-ins-224917473.html