Why aren’t oil prices higher? Staggering drop in energy demand leaves strategists puzzled.

Major disruptions to global oil supplies have failed to drive crude futures to their earlier wartime highs, puzzling market strategists. Since fighting escalated in late February, approximately 11.1 million barrels per day of production—roughly 10% of global demand—has been lost, according to JPMorgan analysts. Red Sea attacks by Houthis have threatened to cut off approximately 5 million barrels daily from Saudi Arabia, while traffic through the Strait of Hormuz has declined signifi