'Volatile: Oil market much more resilient than in 1970s' as conflict speculation drives price swings

Dan Marks, Research Fellow in energy security at the Royal United Services Institute, asserts that the global oil system is significantly more resilient now than during past crises, contrasting it with the 1970s. He notes that current oil price volatility is driven primarily by speculation about the trajectory of conflict, rather than immediate physical supply disruptions. This indicates a market reacting to evolving political expectations rather than material scarcity. While recent signals from political actors have temporarily eased fears of direct strikes on key facilities, uncertainty continues to fuel price swings.