Oil prices have soared on the risk of escalation and then plunged on hopes for peace before repeating the cycle.

Oil markets spooked as Donald Trump appears willing to maintain the US Navy blockade and Iran keeps strait of Hormuz all but shut

US President Trump meets with oil firms over ways to minimise impact on fuel supplies amid US blockade of Iranian ports.

Oil prices were depressed during the first two months of the year, but suddenly spiked after the U.S. and Israel attacked Iran on Feb. 28.

Oil prices have soared on the risk of escalation and then plunged on hopes for peace before repeating the cycle.