Oil prices have remained around $60 a barrel despite global turmoil. Geopolitical shocks no longer lead to price spikes due to factors like demand uncertainty and alternative fuels. Countries like Venezuela, Russia, and Iran face constraints but find buyers amidst sanctions. Strategic reserves and spare capacity help cushion supply disruptions, leading to a more stable market. The energy transition is changing the landscape, reducing oil’s dominance in energy security. Oil is still critical but no longer the sole determinant of prices. Markets are adapting to a world in transition.

Read more at Yahoo Finance: Why Geopolitical Chaos Isn’t Pushing Prices Higher