Saber-rattling in the Middle East and the continued deterioration in Venezuela have once again trumped considerations such as supply and demand in the fluctuations of global oil prices. Despite what looks like still ample global supply, both Brent crude and West Texas Intermediate have risen this week on the back of geopolitical fears. The highlight of the week in this respect was no doubt the sabotage of four vessels off the Emirati coast that U.S. authorities said may have been caused by Iran. The sabotage reports were followed by reports of a Houthi attack on two Saudi oil facilities. Meanwhile the U.S. sent an aircraft carrier to the Middle East in what was overwhelmingly perceived as the next step in an escalation between Washington and Tehran. This would have been enough to push prices a lot higher in just a couple of days as fears about supply from the […]