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Six months after the outbreak of the Iran war, energy markets did not experience a widespread shortage crisis as some had expected. The Brent crude price stabilized near $90 per barrel after declining from its peak above $120 in April. This was due to the use of strategic reserves, rerouting shipments through alternative routes, increasing production outside of the Gulf, and a decline in global demand, especially in China. Although the market remains relatively stable, challenges persist, including ongoing supply shortages and the potential for price increases if the Strait of Hormuz remains closed for several more months. This situation highlights the importance of diversifying energy sources, investing in stockpiles, and strengthening defenses to ensure future stability.
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