Patrick De Haan of GasBuddy told Newsweek: "... I think what the market is essentially saying here is that the conflict is winding down."

F OR THE past two years, the Middle East has been an even more tense place than usual. Houthis bombed commercial vessels; Israel began extensive military campaigns in Gaza and Lebanon; Iran and Israel exchanged rockets. Yet oil markets remained calm, since the worst-case scenario—a full-blown war between Israel and Iran—was avoided.

It was not immediately clear what the energy department could do to boost oil and gas drilling, which hit record highs during the previous administration of former President Joe B