Oil’s Calm Amid Iran Chaos Reflects Shift to an Era of Surplus
World inventories ballooned by 1 million barrels a day in recent months, the International Energy Agency said.
Heavy smoke and fire rise from an oil refinery in southern Tehran after it was hit by an Israeli airstrike June 15.
Photographer: Atta Kenare/AFP
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Welcome to our guide to the commodities markets powering the global economy. Today, OPEC reporter Grant Smith examines why oil prices have steadied amid the Israel-Iran conflict.
The specter of an Israeli attack on oil producer Iran has haunted crude markets for decades — but now that it’s finally arrived, prices seem oddly subdued.