Markets jolted by fresh strikes but the overall impact has been muted compared to the early days of the war in March 

The relatively muted market reaction to the news of a resumption in hostilities between the US and Iran may reflect some complacency on the part of investors. 

However, it also highlights the material shift in energy markets since the war began, with buyers de-risking exposures to the Middle East, to the benefit of other producers, such as the US.