Why didn’t the oil markets go berserk?

The world lost more than 2.6 billion barrels of oil since the US-Israel war with Iran began late February, yet oil market prices have not gone berserk. Except for one occasion, it has stayed away from touching the three digit/barrel prices. Last week, the head of Saudi oil giant Aramco, Amin Nasser, warned that global inventories were running low despite emergency measures to cushion the blow. The lost supply is equivalent to nearly a month of normal global crude production, underscoring the scale of a disruption that has closed the major oil chokepoint, the Strait of Hormuz, upending energy markets. During the entire period, crude oil prices have mostly continued to be in two digits,…