Despite expectations, the recent geopolitical turbulence in the Middle East—especially the events of October 7, 2023, and the escalation between Israel and Iran—did not deliver a severe blow to global energy markets. Compared to past regional crises or major global shocks like the Russia–Ukraine war, the impact was surprisingly muted. This apparent inability of oil-rich Middle Eastern nations to wield their petroleum power as a political weapon may mark the start of a deeper shift in global dynamics—one that emboldens Western-aligned…
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