Why Global Oil and Gas Prices Remained Largely Unchanged During the Israel-Iran War
It was expected that the military conflict between Iran and Israel would cause global oil and gas prices to skyrocket. However, after 12 days of drone and missile strikes between the warring parties, compounded by U.S. strikes on key nuclear sites in Iran, oil and gas prices on the global market are lower than the levels at which they were prior to the confrontation. What could explain this anomaly? The output of shale oil and gas in the United States is one key reason to explain why the market has generally remained stable despite the boiling conflict in the Middle…
