New Delhi, June 25 -- Global oil prices hardly budged through the Israel-Iran conflict-not even after the US bombed Iranian nuclear facilities-before the White House announced a ceasefire. Both Tel Aviv and Tehran have accepted a cessation of armed hostilities.

Also Read: Javier Blas: An Israel-Iran war may not rattle the oil market

Although flickery embers of this June's flare-up reflect the fragility of peace, the global relief is palpable.

Brent crude slipped below its pre-war level of about $70 per barrel as fears eased of an oil-supply squeeze. But amarket glut since March isn't enough to explain the equanimity of oil traders. They may all along have expected other nations not to get drawn in.

To their credit, Iran's retaliation ...