Oil markets have been volatile since the US and Israel carried out joint strikes on several key Iranian sites earlier this year and Iran retaliated by striking sites across the Middle East and closing the Strait of Hormuz

The war has seen Iran's retaliatory action target Washington's allies in the Gulf and virtually block the vital Strait of Hormuz

Oil markets have been volatile since the US and Israel carried out joint strikes on several key Iranian sites earlier this year and Iran retaliated by striking sites across the…