Oil traders reacted instantly on Monday when Iran fired missiles at a U.S. military base in Qatar, selling off crude instead of pushing prices up. Merely three hours before the strikes, Trump had gone on Truth Social to tell traders to chill out and not to “give in to the enemy” by surging oil prices

Global crude oil prices have surged sharply, rising over 15% since early June, as escalating conflict between Israel and Iran, now involving direct U.S.

The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.