• Iran’s strikes were calibrated and symbolic, reportedly with advance warning and no casualties, avoiding direct hits on energy infrastructure or key shipping lanes like the Strait of Hormuz. • Tanker traffic through the region remained uninterrupted, easing fears of a supply shock. • As the risk to oil flows faded, traders quickly reversed bets on higher prices, causing Brent and WTI to tumble.• Volatility remains high. Any future attacks on oil facilities or attempts to block the Strait could send prices soaring. • For now, markets are relieved, but the risk of renewed escalation—and price spikes—persists.
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