The near-closure of the Strait of Hormuz has long been considered the ultimate "black swan" event for oil supply. So how have the past four months not stoked the earth-shaking chaos many industry veterans expected? Long-standing assumptions deserve thoughtful introspection. Here, Energy Intelligence takes stock of how the world buffeted a potential 20 million barrel per day loss of crude oil, products and other liquids — and did so with an air of relative calm. To be sure, the duration of the disruption to trans-Hormuz oil trade always mattered. As such, any return to hostilities that heavily restricts shipping in and out of the Mideast Gulf could yet drive markets to the brink. But the market's resiliency since end-February to months of severe disruptions far exceeded expectations. With the verdict still out on how Hormuz flows precisely navigated a noisy June, our analysis focuses on March-May.