he market for oil is global, which is why events like the war in Iran affect oil prices -- and prices of the wide range of products made from oil.

he market for oil is global, which is why events like the war in Iran affect oil prices -- and prices of the wide range of products made from oil.

Oil markets have whipsawed since the start of the Iran war, with supply risks around the Strait of Hormuz driving extreme price swings and historic volatility.