Brent crude prices hover near $95 despite U.S.-Iran conflict
Even with the ongoing U.S.-Iran conflict shaking up the Middle East, Brent crude oil prices are holding below $100 a barrel.
Oil exports through the Strait of Hormuz have dropped sharply, from 16 million barrels a day last July to less than 2 million now, but average flows of about 4 to 5 million barrels per day have kept prices around $95.
Gulf ports reroute, non-OPEC output rises
Gulf countries have gotten creative to keep oil moving, using routes like Saudi Arabia's Ras Tanura port and ramping up shipments from Egypt's Sidi Kerir.
Meanwhile, non-OPEC countries (think: the US Canada, and Guyana) are set to increase output by a combined 1.4 million barrels per day this year.
Plus, China cut back on imports and is sitting on huge reserves, helping prevent any wild price spikes despite all the tension.