Brent crude has retreated from its April peak of nearly $128 per barrel, but remains around 43% above pre-conflict levels. The commentary explores why the world may have dodged an oil price crisis for now, why the oil market is still on edge, and how shrinking strategic reserves, reduced spare capacity and ongoing disruption to Strait of Hormuz exports continue to pose risks to global energy markets. It also examines why oil's next move could be the biggest yet, with markets closely watching whether a reopening of the Strait brings ...