Even without war in the Gulf, pricier petrol is here to stay

WHEN Iran’s missiles whizzed towards Israel on Saturday night (Apr 13), oil markets were closed. When they opened on Monday, their reaction was a loud “meh”. Brent crude, the global benchmark, dipped below US$90 a barrel. It has since hovered around that level.

Traders had expected an attack of precisely this variety: big enough to cause concern; obvious enough to be foiled. They are now betting that Israel will avoid anything too rash in response.

Yet even if oil prices do not surge, they remain uncomfortably elevated and seem likely to ri…