Demand for crude oil globally fell by close to 5% in the second quarter of the year, according to IEA data, as a natural result of the oil price spike caused by the war in the Middle East.

Oil markets are tighter than ever, so why are prices rangebound? The market has rebalanced, JPMorgan says.

Oil prices aren’t yet near the level economists had said would put the global economy in jeopardy of a recession.

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

The turmoil is also driving up freight and insurance costs and making it more expensive to move oil and fuel around the world.

That’s a particular problem for the United States: The US Strategic Petroleum Reserve has been drawn down by 116 million barrels since the spring to its lowest level since 1983. It has just another 60 million barrels to expend before it hits its congressionally mandated floor.

Oil prices settled above $100 on Thursday for the first time since May after Yemen’s Houthis said they attacked two Saudi oil tankers in the Red Sea, causing further global supply disruptions following a near-halt in trade through the Strait of Hormuz.

For a brief time earlier this year oil prices dictated the stock market direction. After weeks in the wilderness, energy markets could be about to play that role again.