- Just as quickly as they spiked, crude oil prices have now fallen back to their lowest levels in 6 weeks, trading at the subdued levels seen in late November before the OPEC+ club announced its renewed oil supply deal.
- Despite assassinations, embassy stormings and ballistic missile retaliations, the US-Iran situation has returned to an uneasy calm, and crude prices with it.
- At the height of the recent crisis – in the immediate aftermath of a targeted US drone strike on Iranian general Qaseem Soleimani in Iraq – Brent prices jumped to almost US$71/b as it looked like war was imminent.
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