As Brent climbed above $111 and fears over Hormuz disruption intensified, today’s Daily Energy Markets Podcast questioned why oil still isn’t pricing a full-scale supply shock. Omar Najia argued weakening demand, rising inflation and bloated storage point to lower prices ahead. Laury Haytayan warned Middle East “ceasefires” are largely symbolic. Mukesh Sahdev highlighted looming US gasoline shortages as the pressure point that could eventually force a geopolitical breakthrough.