Asia’s dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran.

The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.

In decades past, turmoil in the Middle East would send crude oil prices soaring, pushing up the cost of gasoline for drivers and incentivizing Louisiana producers to boost their output.