After 6 months of war, why aren't oil prices even higher?

For decades, the potential closure of the Strait of Hormuz has been considered the ultimate doomsday scenario for global oil markets. So, when Iran effectively closed the Strait earlier this year in response to the joint U.S.-Israeli assault, many analysts warned that oil prices could skyrocket to record highs. The logic was straightforward. Prior to the war, about 20% of the global oil supply transited the Strait. A loss of supply on this scale could easily have pushed oil prices to $150 or eve

Source: Responsible Statecraft