On the weekend that US-Israeli drones first began to rain down on Tehran, energy traders across the world’s major financial centres began to redraw their strategies. The impact has rippled across markets for gas, fuels and fertiliser; reverberating through equity markets and raising fears for the global economy. Energy prices are typically governed by a forensic analysis of the market fundamentals: traders pore over production flows, refinery demand forecasts and technical market pricing patterns. Even within the historic market surge, oil prices have repeatedly slumped back with each major public assurance, and remained below where many traders believe oil prices could be, despite the deteriorating picture for global oil supplies. As US troops gather in the Middle East, the White House’s desire to tame the energy markets may not be enough to contain prices.

Source: The Guardian April 05, 2026 11:02 UTC