Perhaps so, but that could be because nobody is planning a conflict.
This may happen in spite of them.
Time will tell.
FWIW, as far as Oct 7, that wasn’t really a regional thing, not in the same way this current situation is.
It wasn’t a regional thing at all.
The question was whether it was going to become a regional thing.
As you posted, it is rare that such an event in the middle east doesn’t lead to oil spiking on anticipation of it becoming a larger thing.
The traders were not concerned at all. Yet, I read that every crackpot in the region was going to get involved etc....as if these folks knew something that the traders didn’t know yet.