business ⛽ Iran war's oil shock fails to hit hard
The military conflict between the United States and Iran has disrupted oil exports through the Strait of Hormuz. The International Energy Agency notes this is the largest supply disruption in global oil market history. Despite disruptions since the conflict began six months ago, benchmark prices remain low compared to past crises. This is due to strategic reserves, shale production, and unexpected demand adjustments by nations like China. China reduced crude imports by over five million barrels daily without causing an economic collapse. ⛽