No sooner had the price of crude oil dropped to below $70 per barrel than Iran started to attack commercial ships via drones, threatening the fragile memorandum of understanding with the US and sending Brent crude back to $77 per barrel.

With the Middle East having provided a paradoxical meaning to the word "ceasefire" and the world's second most important maritime shipping route for oil and fuel remaining at under 10% of its normal operations, it is not surprising that the oil price continues to act like a yo-yo in a range above $80 per barrel.

During the last week of April and into the first week of May, the price of oil remained above $100 per barrel, providing ample evidence of the continued impasse between the US and Iran. Global energy prices remain hostage to very high levels due to the effective closure of the Strait of Hormuz, which has led to fears of higher inflation worldwide.