- Global markets absorbed a billion-plus barrel supply loss from the Iran war surprisingly smoothly, with prices peaking then easing — a sign of today’s more resilient energy system.
- The crisis drained emergency oil reserves, leaving the world with a much smaller safety buffer and a higher risk of future price spikes if disruptions resume.
- China’s demand cuts and EV uptake, plus alternative Gulf export routes and IEA stock releases, were key fixes that helped avert a fuel shortage.
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