Oil's geopolitical premium is goneListen to this articleA photo dated Dec 22, 2024 shows the sun setting behind the Dora (Daura) Oil Refinery Complex in Baghdad. AFPGlobal oil markets faced multiple black swan events in 2025 -- including the Israel-Iran war and Ukrainian strikes on Russian refiners -- yet they were barely fazed. A most pivotal moment for energy markets came on June 12 when Israel bombed military, government and nuclear sites across Iran. The mere threat of such a cataclysmic event would cause oil prices to blow out into triple-digit territory, or so the theory went. But for energy markets to be truly spooked, there will need to be a genuine change in physical volumes.

Source: Bangkok Post December 25, 2025 00:17 UTC