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.

Crude oil prices surged Sunday, as the U.S. and Iran teetered on the brink of a renewed war after attacks on commercial ships in the Strait of Hormuz.

Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.

Brent crude rises more than 7 percent as Washington and Tehran offer conflicting accounts on ceasefire negotiations.

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.