How Trump caused the biggest oil shock in history and got away with it – for now (opens original article in a new tab)

Despite a major oil supply shock, prices did not surge as predicted due to ample reserves, supply boosts, and reduced demand, particularly from China.

• Oil prices did not reach predicted highs despite a major supply shock from Iran's closure of the Strait of Hormuz.
• Record oil reserves and supply boosts from the International Energy Agency and lifted sanctions on Russian and Iranian oil helped stabilize prices.
• China's reduced oil demand due to stockpiles, coal use, and electric vehicle adoption significantly impacted global oil demand.