Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

“When Iran and Israel exchanged attacks previously, prices spiked initially but fell once it became clear that the situation was not escalating and there was no impact on oil supply,” he wrote ...

The strongest action was in the oil market, where the price of a barrel of benchmark ... the situation was not escalating and there was no impact on oil supply,” according to Richard Joswick ...