There have been some gyrations on the oil markets since last month.
The price of Brent Crude spiked to over $70 on the fears of military action by the US against Iran. As oil prices tumbled by more than 4 per cent with the imminent risk of the US launching a military strike on Iran receded.
Brent crude, the global benchmark, fell to approx $66 a barrel.
Of course there’s plenty of scope for more truculent talk and even risks of unforeseen events taking over. As we go to press the outlook for some kind of military confrontation in the Gulf is escalating, as is the price of oil - nestling around the $72 mark again. Watch that space. Things could get way worse, in every which way.
