Last week, the International Energy Agency declared oil markets were suffering “the largest supply disruption in history” from the escalating conflict in the Middle East. So why has the oil price “only” spiked 50 per cent since the Iran war began?
While the moves may already seem quite extreme, previous oil shocks have unleashed far bigger moves. In 1973, Arab members of the Organisation of the Petroleum Exporting Countries cut production and halted oil exports to the US, causing prices to quadruple in a matter of months.
