The spiraling conflict between Israel and Iran has sent shock waves through the oil market, increasing prices as investors grapple with potential disruptions to the global oil supply.
Oil prices have jumped since Iran fired about 200 ballistic missiles at Israel last week.
Brent crude, the international benchmark, surpassed $81 a barrel in the days afterward, a gain of about 15 percent.
Despite the growing apprehension among traders, prices are lower than they were as recently as July — and unusually subdued for a time of such geopolitical tension.
“In a normal world, this would have gone skyrocketing,” Fatih Birol, the executive director of the International Energy Agency, said during a webinar on Wednesday...
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