Gulf oil is still flowing despite a surge in attacks on ships. No barrels have been lost, so the geopolitical risk premium stays capped and every attack headline keeps getting faded. Watch the shippin

What happened: Attacks on tankers in the Middle East have surged, while oil exports remain steady. Iran has tried to use its power over shipping in the Strait of Hormuz as a strategic lever against the United States and Israel. Why it matters: The attacks show Iran leveraging the Strait of Hormuz in its standoff with the United States and Israel, yet oil exports have continued without disruption.

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