Oil prices have returned to levels last traded at before Israel attacked Iran on June 12, bookmarking the most turbulent period for the world’s most traded commodity since Russia invaded Ukraine in 2022.
It’s a remarkable turnaround from nearly a fortnight ago, when Israel first attacked Iran’s nuclear sites that kicked off a weeks-long rally in the oil price and pushed Brent to $US80 a barrel. The retaliation by the Islamic republic and intervention by the US intensified fears of all-out war in the Middle East, a region which pumps about a third of the world’s crude.
