Middle East Conflict Roils Oil Markets with Volatile Price Fluctuations

The ongoing conflict in the Middle East has left oil markets in a state of volatility, with prices surging and tumbling in response to the latest developments.

Brent oil prices jumped over 13% in the immediate aftermath of the US-Israeli siege against Iran on February 28, but have since been jolted in both directions as the conflict has dragged on.

Analysts point to the 'shock' of Iran's ability to largely close the crucial Strait of Hormuz, which carries about 20 million barrels per day of crude oil - roughly a quarter of global demand.

The market's response to US President Donald Trump's shifting pronouncements has also played a role in price fluctuations, with his optimistic statements helping to keep prices from rising further.