Oil Tumbles my more than 10% and UK gas prices down, following the reopening of the Strait of Hormuz, even if only on a temporary basis, has come as a huge sigh of relief to global markets, easing immediate fears around energy supply disruption with the oil price instantly dropping more than 10% and providing a degree of stability to shipping routes. Ship owners, charters & insurers are still to assess risks of how safe the Strait is, keeping prices risk inflated. However the RAC said pump prices started to come down yesterday.
Bloomberg: