The global oil market is experiencing significant fluctuations as tensions between the US and Iran escalate following recent attacks on tankers in the Strait of Hormuz. Despite a drop in global oil demand for the first time since the COVID pandemic, oil prices remain elevated with reports indicating potential supply disruptions. The International Energy Agency (IEA) has warned that ongoing conflict could threaten oil supply recovery while the US has revoked waivers allowing Iranian oil sales. As military actions intensify, oil prices have surged and are expected to remain volatile, reflecting broader concerns over Middle Eastern supply stability.