The Iran oil shock taught traders these key lessons about demand and China

AI Summary

Global oil prices have dropped more than 30% from the May peak, reaching the lowest levels since the U.S.-Israeli war with Iran began nearly four months ago. This significant decrease may avert the large crude supply shortage experts had anticipated.

Global oil prices on Thursday touched their lowest level since the U.S.-Israeli war with Iran began almost four months ago. That marks a drop of more than 30% from their May peak and likely averts the disaster commodity experts had warned about as one of the largest crude supply shortages in history began playing out.