When missiles fly and reserves run dry, the world's energy markets are reminded that oil is never merely a commodity — it is a mirror of geopolitical order. On a Wednesday morning in late July 2026, Brent crude surged nearly five percent to $87.95 a barrel after Iranian ballistic missiles struck U.S. bases across the Middle East and American crude inventories fell far faster than expected. The brief diplomatic calm that had softened prices proved as fragile as the peace it reflected, and markets moved swiftly to price in a world that had grown, once again, more dangerous.