Because there was no real scarcity. China has about 1 year reserve from what we can see on satellites, not including what they have buried in their cave reserve system. So when the war started, they stopped buying the 20m/ barrels a day which is the loss from the Straight. It balanced out. This is all just a play to increase oil prices for oil companies
to 3-8 per day
for SIX MONTHS
that most definitely causes shortages, not in US but rest of world
the market is being manipulated downward until it pops
click on YTD on this chart to see what I mean for proof, it is FLATLINED
* https://en.macromicro.me/charts/94482/imf-strait-of-hormuz-n...
* snapshot: https://i.imgur.com/zvBakus.png