Escalating tensions between Israel and Iran, the world's seventh-largest producer of crude oil, have fueled concern over oil price volatility for the past few weeks.

But the oil market isn't reacting to geopolitical tensions in the Middle East as dramatically as it has in the past. Despite an ongoing war in Gaza and Israel, Israel's attack on Hezbollah, and attacks by Houthis in the Red Sea, the price of oil hasn't changed much. China's slowing economy and the U.S.' increased domestic production of oil seem to be keeping prices down… at least for now.

Still, renewed fighting between Israel and Iran has oil markets feeling nervous. A regional war could drive up prices, impacting the global economy.

In an interview recorded yesterday, host Jason Bordoff talks with Helima Croft and Javier Blas about the current state of oil markets, and how global instability could impact their future.

Helima is a managing director and head of global commodity strategy and Middle East and North Africa research at RBC Capital Markets. Helima joined RBC Capital Markets from Barclays, where she was a managing director and head of North American commodities research.

Javier is an opinion columnist for Bloomberg covering energy and commodities. Javier is coauthor of the 2021 book "The World for Sale: Money, Power and the Traders Who Barter the Earth's Resources."