But Brent crude futures peaked around $126 — comfortably below 2008’s all-time high of $147 — and averaged just $101 a barrel between the start of the conflict on February 28 and June 11 when US President Donald Trump called off strikes on Iran, before ​briefly retreating to pre-war levels of $70 in early July.

Below are some of the reasons why the oil price hasn’t gone crazy. ​Yet.

1) Chinese surprise

The biggest surprise was China, the world’s largest oil importer, which had slashed crude imports to the lowest ⁠in nearly a decade by June.

Fuel exports were curbed, its population started using electric taxis instead of personal cars, and its petrochemical sector also ​reduced volumes.

2) US pumps more

The United States, the world’s largest oil producer, pumped more crude, with production reaching a record 13.93 million barrels per day ​by April.

It also freed crude from its Strategic Petroleum Reserve as part of a record 400 million-barrel release coordinated by the International Energy Agency in March, helping cushion supply disruptions.

3) Trump burns bulls

US President Donald Trump repeatedly wrong-footed oil market bulls by making statements about peace agreements and the resumption of flows through the Strait of ​Hormuz.

Oil market liquidity has dropped as many traders have become reluctant to make large bullish bets amid the risk of sudden market reversals.

“Everybody ​is bullish now, but nobody is long,” said Ilia Bouchouev of the Oxford Institute for Energy Studies.

After driving their bullish position in Brent futures to its smallest ‌this year ⁠in early July, funds then made their largest addition in six months in the week to July 14, according to data from the ICE exchange on Friday.

However, at around $14.8 billion based on Monday’s prices, this position is still more than 50% below late March’s six-year peak.

The market is suffering from headline fatigue, which reduces the price impact of fresh announcements, said Saxo Bank head of commodity strategy Ole Hansen.

4) Hormuz flows rebound

Saudi Arabia, ​the biggest Gulf oil exporter, sharply ​increased shipments from its Red Sea ⁠Yanbu port, helping to offset the loss of barrels via the Strait of Hormuz.

Hormuz shipments briefly restarted in June, easing concerns about crude availability, but dropped again in July as the fighting resumed.

5) Ample supply

Traders ​say there is ample supply of physical oil, limiting the price reaction to the latest escalation in ​the conflict.

Crude oil ⁠differentials in Europe, such as North Sea Forties, that help set the global dated Brent benchmark have fallen to a discount from a record premium in April.

“There is a lot of prompt crude around for now,” said veteran trader Adi Imsirovic. “It may not last!”