Oil prices settled lower yesterday despite the heightened tension in the Middle East following Iran’s missile and drone attack on Israel. The market is now awaiting Israel’s response. And while Israel’s allies are pushing for a diplomatic response, it appears for now that Israel is considering a more direct response. If this is the case, it unfortunately means that this uncertainty and tension will linger for quite some time, as markets will then focus on how Iran further retaliates. The more escalation we see, the more likely we are to see oil supply from the region impacted - something that has been largely avoided ... (full story)