'Volatile: Oil market much more resilient than in 1970s' as conflict speculation drives price swings

The resilience of the oil market today can be attributed to a combination of strategic reserves, diversified supply chains, and technological advancements in energy extraction and production. Unlike the 1970s, when oil shortages led to widespread economic turmoil, today's market appears more adept at managing shocks. However, the reliance on speculative expectations raises questions about the stability of prices in the face of geopolitical tensions, suggesting that while the system is resilient, it remains vulnerable to sudden shifts in sentiment.