Why the Oil Market Is Not Shocked.

The article explains why the oil market is not shocked despite the escalating conflict and geopolitical crisis in the Middle East. It attributes the minimal impact of the war in the Middle East on global oil prices to the growth in U.S. oil production and its effect on Iran when it comes to using oil as a geopolitical weapon, as well as to the willingness of the U.S. to use the country's Strategic Petroleum Reserve, and the boom in renewables for energy generation that reduced oil dependence.