Oil markets remain in thrall to the risk of a US-Iran conflict, with prices yo-yoing in response to developments throughout the week. That bilateral talks in Oman went ahead on 6 February has calmed nerves in recent days, but the political uncertainty may persist in the weeks ahead.

Fears of a US-Iran conflict in the Gulf pushed oil prices above $70/B in late January for the first time since September (MEES, 30 January), and price swings between $65/B and $70/B have been particularly pronounced this week. Uncertainty over whether the talks would proceed amid shifting locations and format changes added to the volatility. (CONTINUED - 1099 WORDS)

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