The Crude Reality: oil prices are back in static territory!
As the prevailing tensions in the Middle East gradually ease, the short-lived spike in oil prices appears to be dying down, leaving the oil markets back at the mercy of the usual factors. With the two successive assassinations of key figures, a few hours apart, in the conflict in the Middle East, Israel dramatically raised the military stakes on Tuesday. Anticipating a concerted, perhaps multi-pronged counter-attack, the Jewish state braced itself for the worst-case scenario, despite the the 'iron-clad' backing from its main ally, the US. Judging by the diminishing tempo by Friday, however, it looks like the diplomatic channels that have gone into overdrive may have succeeded in keeping the warring factions apart, before getting into a catastrophic war - at least, for now. Analysts, meanwhile, are surprised at the fact that even in the midst of a looming major conflict, the spike in the oil price was pretty modest; that means the existing worries in the markets still ha
