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Global Business News

The Economic Times

Global Business / The Economic Times

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Why oil prices haven't gone crazy despite 5 months of US-Iran war

Oil prices stayed below predictions despite the US and Iran conflict. China's reduced oil imports significantly impacted global demand for crude. The United States increased its own oil production and released reserves. President Trump's statements influenced market sentiment and trader behavior. Saudi Arabia rerouted shipments, and ample physical oil supply also helped.

20 Jul 2026 4:27 pm