The ongoing conflict in the Middle East has led to the closure of the Strait of Hormuz, cutting off over 10 million barrels per day of oil supply. Surprisingly, oil prices have remained below $100 per barrel due to three main factors. First, the United States has increased crude and fuel exports significantly, with May exports exceeding 2 million barrels per day more than the previous year's average. Second, China, the world's largest oil importer, has reduced its oil imports by nearly 40%, offsetting a significant portion of the lost supply. Lastly, governments have released strategic petroleum reserves, with the US contributing 172 million barrels to stabilize the market. However, these buffers are depleting rapidly, with US inventories at their lowest levels in over 20 years. The situation remains precarious, as the reopening of the Strait and a return to pre-war demand from China could lead to a surge in prices if supply cannot keep up. The oil tanker industry has also experienced a boom, but faces potential collapse due to overordering of new vessels as rates decline.