Rising tensions between the US and Iran regarding the Strait of Hormuz are failing to trigger significant oil price shocks, according to analysis. Despite ongoing instability in the Persian Gulf and a lack of resolution regarding the crucial shipping lane, oil markets have remained relatively calm. This is attributed to a shifting global energy landscape where the impact of supply disruptions is lessened. Iran currently holds stronger negotiating leverage over the US as President Trump approaches midterm elections. The situation signifies a decline in the potency of traditional oil shocks, contrasting with past events that sent prices skyrocketing. However, the unresolved issues in the region still pose a significant geopolitical risk.