Stock Take

Oil prices hold steady despite growing tensions in Middle East

The price of Brent crude oil has fallen over the last week despite Iran launching a major attack on Israel

One factor that has undoubtedly helped calm oil market volatility over recent months is the re-emergence of the US as a major oil producer. Picture: Getty

It’s just over 50 years since the Organisation of the Petroleum Exporting Countries (Opec) sent the global economy into a major tailspin by announcing a total ban on oil exports to allies of Israel.

The 1973 oil crisis saw the price of a barrel of oil surge more than 300 per cent in a few short months, as western economies grappled with an unprecedented fuel shortage due to the export ban. A similar scenario took ...