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Oil market calm masks a host of unknowns

Traders are mostly operating in the dark regarding inventory, global demand and geopolitical uncertainty

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    • Oil storage tanks and facilities of Xinhai Oils Storage Co in China's Zhejiang province. China does not publish timely or comprehensive consumption data, creating a big unknown for the oil market.
    • Oil storage tanks and facilities of Xinhai Oils Storage Co in China's Zhejiang province. China does not publish timely or comprehensive consumption data, creating a big unknown for the oil market. PHOTO: REUTERS

    Ron Bousso

    Published Tue, Jun 9, 2026 · 07:15 AM

    [LONDON] The biggest oil supply shock in decades has entered its fourth month – with no resolution in sight as neither the US nor Iran appears willing to budge –- yet the market remains surprisingly calm.

    This disconnect reflects an uncomfortable reality: the biggest drivers of today’s energy market are a host of unknowns.

    The renewed strikes between Iran and Israel over the weekend have sent oil prices up over 4 per cent to US$98 a barrel on Monday (Jun 8), but Brent crude remains well below levels seen only a few weeks ago and comfortably within the range of the past two decades.

    Oil and gasStrait of HormuzIran war

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