Oil markets began the week in a state of sharp volatility. After last week’s strong rally, prices jumped again during Asian trading before easing slightly, reflecting the growing impact of escalating tensions in the Middle East on global energy and shipping routes. North Sea Brent crude, which had traded near $70 per barrel not long ago, climbed rapidly last week to around $90. The rally accelerated as markets opened in Asia on Monday, with prices briefly reaching $117 per barrel, a gain of roughly 20%. By early morning European time the price had fallen back somewhat, trading near ...
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