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When I did Paul Krugman ’s amazing podcast to talk about oil prices back in March, this was at the height of the panic in global oil markets. Brent was pushing towards $110 and I spent the one hour discussion arguing why this - an 80 percent rise from the start of the year - adequately priced the encumberment of the Strait of Hormuz. We did the recording on March 19 - a Thursday - and the podcast would go live two days later on March 21. At the end of the call, Paul quipped: “Let’s hope oil prices don’t go crazy tomorrow, so this podcast is still relevant on Saturday.” I was very much thinking the same thing.…