Oil prices rose following US strikes on Iran, but crude is on pace for a monthly decline with relative calm in the Gulf overriding market alarm bells.

Energy-hungry Asian countries have won some respite in recent weeks thanks to a handful of LNG supertankers passing through the Strait of Hormuz on their way to China, India, Pakistan, and South Korea, but the ships still represent only a fraction of the pre-war traffic through the waterway; some 1,500 vessels remain stranded as a result of the strait’s effective closure.

All the while, global crude stockpiles are plummeting at a record pace, and economists warn that even an immediate peace deal will not lead to near-term respite.