New Delhi, June 3 -- Crude oil prices have been among the biggest casualties and beneficiaries of the escalating US-Iran conflict. While fears of supply disruptions through the Strait of Hormuz triggered one of the sharpest rallies in recent years, history suggests that geopolitical oil spikes rarely last forever.

From the 1973 Arab Oil Embargo and the 1990 Gulf War to the 2022 Russia-Ukraine conflict, crude prices have typically surged when supply fears dominated headlines, only to witness meaningful corrections once markets gained clarity on supply restoration and geopolitical risks eased. The current cycle appears to be following a similar script.

Brent crude has surged around 70% since the US-Iran war began in late February 2026, cl...