Following Israel's attack on Iran, crude oil prices spiked initially but did not escalate to crisis levels. Despite concerns over possible disruptions in oil supplies, particularly if Iran blocked the Strait of Hormuz, the market demonstrated resilience. Prices ultimately fell back below pre-attack levels as Iran did not take major actions to hinder oil flow. Experts noted that the global economy’s reliance on oil remains high, yet the market’s response indicates a shift in how geopolitical tensions are impacting oil pricing.
The market has shown that it's been very resilient to some of the geopolitical shocks that historically would have sent prices skyrocketing.
Despite efforts to pivot to other sources of energy to fight climate change, the global economy runs on oil more than 100 million barrels.
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