The big news in oil markets since Israel’s attack on Iran’s nuclear program is the price spike that wasn’t. Brent crude popped from $66 a barrel or so to a high of $78 last week, but by Monday it was back below $73. The non-panic owes to ample global supply, and it’s a lesson for Congress and the Trump Administration as they contemplate putting new sanctions on Russian oil exports. Wars are unpredictable, and an Iranian attack on Saudi oil fields or shutting down the Strait of Hormuz is...