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No huge oil price spike - how the market outmanoeuvred worst-case scenarios
Oil markets quickly recovered after Israel's strike on Iran, with Brent crude falling below $70 a barrel. Tehran's muted response, including a symbolic missile attack, eased fears of supply disruptions. The global oil system proved resilient due to increased US production, OPEC+ output, and strategic reserves, suggesting a larger crisis is unlikely despite existing geopolitical tensions.
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