- Rising tensions among the U.S., Iran, and Israel have fueled speculation about possible U.S. military intervention, with Wall Street reporting a 65% chance of action against Iran by July, leading to increased oil price volatility and shipping costs, especially around the critical Strait of Hormuz. However, OPEC+’s substantial spare capacity is seen as a key buffer against major supply disruptions, while the surge in oil prices has also strengthened the U.S. dollar amid global uncertainty.
Questions are continuing to mount about how far tensions in the Middle East will spiral, with President Trump refusing to rule out U.S. intervention between Israel and Iran.
