Amid all the turmoil on markets in recent months, the fall in the price of oil – down from $US80 a barrel in January to a low of $US55 a barrel in early May – has been a little ray of sunshine. It has acted as a counter to any inflationary pressure from tariffs, and provided a tailwind for consumers and businesses straining under an interest rate environment that remains very different to the one they’ve known for the past decade.

So the sharp spike in oil following Israel’s air strikes against Iran – crude leapt 12 per cent to around $US77 a barrel – is a headache global markets didn’t need.