Oil Market's Delicate Balance Amid Iran Crisis

The global oil market finds itself in a precarious state of calm after initial turmoil triggered by the Iran war. The closure of the Strait of Hormuz caused a loss of almost 20 million barrels of Middle Eastern oil per day, creating a void in the supply chain.

Efforts to stabilize the market have included ramped up U.S. exports and a notable reduction in China's oil purchases. These measures have helped ease pressure and control price spikes temporarily.

However, analysts warn that this balance might not hold as demand peaks during the summer, risking further economic implications if current adjustments can't sustain the supply gap.

(With inputs from agencies.)