Oil prices rose sharply on the morning of June 20. Many said the sudden price increase was linked to reports that Iran shot down a U.S. drone flying over international waters near Iran. However, oil prices have been notoriously impervious to geopolitical tensions in the Persian Gulf of late. In today's market, while the U.S. is producing an astounding 12.2 million barrels of oil per day, supply fears are minimal. Today, geopolitical tensions in the Middle East cannot be counted on to deliver the same automatic increase in oil prices that it once could.

Source: Forbes June 20, 2019 17:26 UTC