Production cuts may no longer be as effective at propping up prices because electric vehicles are cutting into global demand.
Brent crude rose above $113 a barrel Wednesday — the highest level in eight years.
Yes, the economy is reopening globally. But gasoline prices are also affected by Iran’s latest election.
Swooning demand means there’s a lot of oil being produced but not consumed. That’s making storage prices soar.
Predicting global supply and demand is enormously complicated
