The Hill - Opinion
The revolt in Iran emerged as global supply and demand are closely aligned. When the oil market is tight, geopolitical events in oil-producing and -transit regions impact the oil price. When the market is liquid, as it was for most of the last three years, major geopolitical turmoil can occur without major impacts on oil prices for a significant period of time.
However, in the last quarter of 2017, the global oil market tightened, amplifying the impact of the current developments in Iran on the global oil price.