# Why oil prices haven't gone crazy despite 5 months of US-Iran war | Reuters

> Oil prices have stayed below expectations despite five months of US-Iran war, as China cut crude imports to a near-decade low and physical supply remained ample. Hormuz reopened in June, easing immediate fears.

- Date: 2026-07-20 · published 2026-07-20T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/9930-why-oil-prices-haven-t-gone-crazy-despite-5-months-of-us-iran-war-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weak Chinese demand and ample cargoes cap crude upside, limiting near-term pressure on energy and freight costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |
| BRENT | 2022-06-23 | [Oil prices slump as investors fear Fed rate hikes will hurt demand \| Reuters](https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters.md) | +4.3% | -2.0% |
| BRENT | 2021-05-19 | [Oil prices dive $2 on fears of Asian pandemic, possible U.S. rate hikes \| Reuters](https://feedsoft.ai/events/47009-oil-prices-dive-2-on-fears-of-asian-pandemic-possible-u-s-rate-hikes-reuters.md) | -0.2% | +7.7% |
| BRENT | 2024-05-03 | [Oil settles down on US jobs data, steepest weekly loss in 3 months \| Reuters](https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters.md) | -0.8% | -4.4% |
| BRENT | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -5.0% | -51.1% |
| WTI | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +2.1% | -3.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/why-oil-prices-havent-gone-crazy-despite-5-months-us-iran-war-2026-07-20/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.