On June 24, the retaliatory strike by Iran on the US base in Qatar was not as severe as investors feared, alleviating concerns that the conflict would immediately disrupt Middle Eastern supply, leading to a fall in oil prices. After Iran launched missiles at the US base in Qatar, US oil experienced a big dump of 4%, with traders previously worried that Iran's retaliatory response would involve closing the Strait of Hormuz, through which about one-fifth of the world's oil passes.
Although there were initial concerns that Iran would interfere with supplies to retaliate against the United States, those concerns have diminished. "In my view, this seems to be carefully planned; Iran attacked an empty U.S. base, issued numerous warnings in advance, closed the airspace, and provided guidance for evasion," said Harry Tchilinguirian, head of research at Onyx Capital Group. "Iran has made a face-saving response, far