Geopolitics are dominating the markets, and is front and center. The war in Iran, and the related closing of the Straits of Hormuz, have led to the most severe supply constraints since the oil embargos of the 1970s. Consequently, crude oil has been experiencing sudden and extreme price swings and triple digit volatility. Many commentators have called this “unprecedented.” That’s understandable given recent events, but as we will show below, it is incorrect.