With the dust having settled on the latest geopolitical flare up in the Middle East, global oil prices have largely stayed where they were prior to it. Here s why.
Prices jumped higher on Tuesday after a fresh round of Ukrainian drone attacks on Russian refineries threatened to take even more of the country's processing capacity offline.
The recent attack resulting in the deaths of three U.S. service personnel might be a black swan event destined to elevate geopolitical risk premium and hike oil prices.
Oil futures spiked late on Thursday following U.S.-U.K air strikes on Yemen s Iran-backed Houthi rebels and fears of a wider conflict in the Middle East.
U.S.-U.K. military strikes on Houthi rebel positions could have profound implications for global oil markets, with crude traders factoring in a higher risk premium.