Core Insights - The limited fluctuations in oil prices during the Israel-Iran conflict highlight the increased efficiency of energy markets and a fundamental transformation in global crude oil supply, indicating that Middle Eastern politics may no longer dominate the oil market [1][6] Group 1: Oil Price Movements - Following the Israeli attack on Iran, Brent crude oil futures rose from below $70 per barrel on June 12 to nearly $80 after the U.S. airstrike on June 23, but subsequently fell to $67 after a perceived de-escalation [1] - The price volatility of 15% during the conflict suggests that traders have significantly reduced the geopolitical risk premium associated with the Middle East [1] Group 2: Factors Influencing Market Stability - The revolution in information transparency allows investors to monitor oil supply and demand more accurately, leading to a rational assessment of Iran's long-term blockade capabilities [2] - Major oil-producing countries have prepared for potential disruptions, with Saudi Arabia and the UAE having alternative pipelines that bypass the Strait of Hormuz [2] - The global energy supply structure has changed, with OPEC's share of global oil supply decreasing from over 50% in the 1970s to 33% in 2023, primarily due to the surge in U.S. shale oil production [2][5]