Checking in on demand destruction, 9 weeks into the war

Crude oil prices plummeted on Wednesday following news that the U.S. and Iran are working to restart negotiations to end the war and reopen the Strait of Hormuz.

Still though, a deal to end to the war has yet to be reached. And every day the Strait remains restricted, the longer it’ll take to build supply back up, which could leave prices elevated far into the future.

“The longer the supply shock goes on, the more it's like not a shock,“ said Catherine Wolfram, professor of energy economics at the Massachusetts Institute of Technology’s Sloan School of Management. “It's just the new normal.”

“Marketplace” host Kai Ryssdal spoke with Wolfram to check in on oil markets.

Click the audio player above to hear their conversation.