When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there was one market that didn’t break a sweat: oil. It’s typically a commodity that surges at the first sight of conflict in the Middle East. This time though, oil traders bet that the conflict involving Iran, Israel and the US would be short-lived. The FT’s energy editor Malcolm Moore explains how traders called the outcome correctly.

Clips from ABC News, Al Jazeera, Associated Press, CBS News, Fox 9 Minneapolis St Paul, ITV News, KTLA 5, NBC News

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For further reading:

How oil traders called the Middle East conflict

Fuel and fury: energy becomes a Middle East battlefield

Why oil traders are watching the Strait of Hormuz

Why is the oil price not surging?

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Follow Malcolm Moore (@MalcolmMoore) and Saffeya Ahmed on X (@saffeya_ahmed), or follow Saffeya on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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How oil traders called the Middle East war

Behind the Money