Oil prices have remained surprisingly restrained despite nearly five months of war between the United States and Iran, defying early predictions that crude could soar to historic highs if fighting severely disrupted Middle East energy supplies.
When the conflict intensified at the end of February, many analysts warned that Brent crude could surge to between $150 and $200 per barrel if Iran succeeded in disrupting traffic through the Strait of Hormuz, the strategic waterway that carries roughly one-fifth of the world's oil supply. Instead, Brent crude peaked at about $126 per barrel, well below the all-time record of nearly $147 reached in 2008, according to Reuters.
