Iran's missile attack on a US base in Qatar caused a surprising drop in oil prices, despite geopolitical tensions. This reflects a global oil surplus, driven by increased US production and weakening global demand. Technical innovations, the rise of electric vehicles, and increased efficiency in fossil fuel engines contribute to lower oil consumption. Experts predict gas prices at the pump will likely fall soon, potentially this weekend, despite the ongoing Middle East instability. This contrasts sharply with past energy crises, highlighting a shift in the global energy landscape.

Prepared by Christopher Adams and reviewed by editorial team.