Oil at $89 after six months of Iran war defies worst-case supply shock forecasts

Despite a half-year Iran conflict disrupting Strait of Hormuz flows, Brent crude sits at $89—23% above pre-war levels but well below the $120+ many analysts predicted. The global economy has adapted by sourcing energy elsewhere. Traders should note resilience in supply chains, though any production infrastructure hit could still send prices spiking.