New York CNN —
The Middle East is in chaos, and the oil market is remarkably calm about it.
Oil prices have climbed, but not dramatically so, even as the world braces for an all-out war in the most critical region on the planet for energy.
The chill reaction in the oil market reflects a boy-who-cried-wolf mindset that has set in.
Investors, having been burned by prior geopolitical scares that quickly fizzled, have grown numb to the cascade of crises around the world. This time they’re waiting for evidence of actual supply disruptions
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