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

As the United States and Israel went to war with Iran at the end of ​February, analysts predicted the price of crude oil could hit $150 a barrel or even rise as far as $200, with the fifth ‌of global supply that transits the vital Strait of Hormuz suddenly cut off from world markets.

But, Brent crude futures peaked around $126 - comfortably below 2008's all-time high of $147 - and averaged just $101 a barrel between the start of the conflict on February 28 and June 11 when U.S. President Donald Trump called off strikes on Iran, before ​briefly retreating to pre-war levels of $70 in early July.