Oil prices have given up some of the gains from last week’s oil tanker attack in the Gulf of Oman, with recession fears outweighing geopolitical tension and the risk of supply outages. “The response of oil prices to the latest escalation in the Middle East has been comparatively subdued given that 30% of global oil shipments pass through the Strait of Hormuz and only a small proportion of this total could be rerouted through pipelines in the event of a conflict,” Commerzbank wrote in a note. Tensions between the U.S. and Iran continue to rise with American officials stating that a military option remains on the table. On Monday, Iran said that it would step up enrichment of uranium and may breach the limits laid out in the 2015 nuclear deal in response to American sanctions. The possibility of another catastrophic war in the Middle East is at its […]