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Oil prices are very far away from crisis levels in real and nominal terms. Brent is near $96 per barrel. In today's dollars, the 2008 crisis peak was $202, the Arab Spring $183, the 1980 oil shock $162 and the 2022 Ukraine war spike $139. Each geopolitical event creates new supply alternatives and transport routes. Every shock accelerates diversification, and every round of diversification makes the next shock smaller. Collapse headlines sell. Companies deliver solutions. Markets adapt. Data Bloomberg