Analyst: Oil's dominant influence on the global economy and geopolitics is becoming a thing of the past

Golden Ten Data reported on June 23 that Matthew Lynn, a financial columnist for The Daily Telegraph, stated that, for the energy market, military action by the United States and Israel against Iran could have been a perfect storm, with experts once competing to make the most extreme predictions for oil prices. However, the disaster did not occur. Oil prices did surge temporarily, but in real terms, prices did not even reach a record high. In 2008, oil prices reached $147 per barrel, equivalent to $224 today. Currently, no one expects urgent measures to limit energy consumption, nor is anyone worried about interest rates soaring to 13% or a sharp rise in unemployment. The era that can be described as a "long-term oil crisis" from 1973 to 2026 has ended. This will have three profound impacts. First, the importance of the Middle East will drop significantly. Second, inflation will be curbed. The United States is likely to see almost no year-on-year change in the price level over the next decade or even longer. Third, and most importantly, the global economy will become more stable. The importance of oil as a commodity has been diminishing for years. Of course, oil remains very important, but it will hardly dominate the headlines again. Its era has passed, and the world will become more stable as a result.