Why the Middle East war still convulses the oil market

Per Dawn, five months of Middle East conflict have kept global oil markets in upheaval, with Iran's closure of the Strait of Hormuz—carrying roughly a quarter of world crude supplies—as the central shock. Brent crude has averaged ninety-four dollars a barrel since fighting began, held below feared one hundred fifty-dollar levels by market belief that US President Donald Trump may soon resolve the crisis, though supply disruptions have been partially offset by strategic oil releases, increased US and Canadian production, and lower demand from China. Refined products face even steeper pressure, with diesel prices doubled and gasoline up roughly fifty percent since February.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton