Malcolm MooreJun 18, 2026 – 8.00pmLess than a month ago, Fatih Birol, head of the International Energy Agency, warned an audience in London that the world was in the grip of the biggest energy crisis in history. Unless conditions improved, he said, oil prices could move into “the red zone” over the northern summer.But even as he spoke, the market had come to a different conclusion.Financial TimesSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
How the oil market shrugged off the Iran crisis
The oil market is more resilient than many assume and there is more scope to confront bad actors without triggering severe economic consequences.
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