We are on the brink of more war escalation in the middle east. Yet the price of oil is pretty average. Why?

1. More oil is produced outside of the Middle East now, so the Middle East doesn't affect the price as much

2. The war will be nuclear and kill so many people that the demand for oil is going to plummet

3. Oil is actualy expensive now. We are just used to it because of constant market disruptions: COVID, Russia-v-Ukraine, etc.

4. People don't use oil as much anymore. We have moved on to wind and solar and batteries.

5. Some other better theory (please state it)