Energy traders were left reeling from a savage 24 hours in oil markets after a violent surge in prices gave way to a historic crash, with commodity strategists warning clients to brace for even more wild swings this week.
The mayhem kicked off on Monday in New York when US oil prices exploded to $US119.50 a barrel as the effective closure of the Strait of Hormuz from the Iran war forced major producers to curtail output just as Mojtaba Khamenei – son of the slain Ayatollah Ali Khamenei – was appointed as Iran’s new supreme leader.
