Fuel suppliers outside the Middle East have proved to be much more flexible than analysts expected – and China surprised everyone

Gas prices fell on hopes of a peace deal between the U.S. and Iran, though it may take time for shipping in the Strait of Hormuz to return to pre-war levels.

The recent decline in oil prices is primarily driven by fading fears of supply disruptions. Earlier, markets had priced in worst-case scenarios, including a prolonged conflict and…