Summary
Oil prices briefly went up after a conflict between Israel and Iran, but they didn't keep rising because Iran didn't block key oil routes. The United States has also become the world's largest oil producer, which helps keep prices stable even during conflicts.
Key Facts
- Crude oil prices increased by 7% after a conflict between Israel and Iran began.
- Prices reached $80 per barrel but are still lower than at the start of the year.
- Iran, one of the top ten oil producers, did not block the Strait of Hormuz, a major oil route.
- About 20% of the world's oil supply passes through the Strait of Hormuz.
- Oil prices started to fall when Iran did not disrupt oil flows.
- The U.S. is now the largest producer of oil in the world, which helps stabilize prices.
- Traders have become cautious, knowing that past conflicts often didn't lead to lasting supply disruptions.
