The Austin CaldwellMiddle East is synonymous with oil production. And historically, oil prices usually surge when there's a conflict there.

But right now, despite the Israel-Hamas war, we're seeing the opposite — oil prices have fallen.

Today on the show: how the region's history, geography and markets are shaping oil prices.

Related Episodes:

Why oil price shocks are getting less shocking (Apple Podcasts/Spotify)

What could convince Egypt to take in Gaza's refugees? (Apple Podcasts/Spotify)

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.