Oil prices tumbled sharply at the start of the week, dropping more than 7% on Monday as fears of a major disruption to Middle East energy supplies eased. The sell-off followed Iran’s limited retaliation to recent US airstrikes, choosing to target a US military base in Qatar rather than disrupt oil flows through the Strait of Hormuz, a crucial global energy chokepoint. With no casualties reported and tanker traffic unaffected, traders quickly began unwinding the geopolitical risk premium built into prices last week...
