Before the temporary ceasefire in the Gulf, the world had been experiencing the biggest oil price shock ever, surpassing even the crises of the 1970s. The scale and speed of movements were comparable to some of the most disruptive episodes in modern energy markets.
At the centre of the disruption was the US-Israel conflict with Iran and the effective closure of the strait of Hormuz. The strait is a choke-point through which roughly one fifth of the global oil supply typically flows. Under the terms of the ceasefire, it is now expected to reopen.
