It is impossible to know how the tensions between Israel and Iran will ultimately be resolved. However, it is likely oil prices will be well supported if the status quo persists and could potentially rise dramatically if things escalate.
Rising oil prices and optimism that Greece will be saved from a calamitous default helped drive London's leading shares index closer to the 6,000 mark today.
A group of business leaders will warn the UK Government today that more urgent action is needed from it to address energy issues following the Gulf of Mexico oil spill.
Although Canada's oil-sands rush came to an abrupt end with the global financial crisis and recession, the development of the industry will continue in the future, says the Centre for Global Energy Studies (CGES).
UK wholesale gas prices soared by more than 14% yesterday after a leak on a North Sea pipeline prompted fears about supplies this winter.
Gleaner Oils, the Elgin-based fuel distributor and filling-station operator, said yesterday it was heading for a 25%-plus increase in annual turnover this year.
Oil giants BP and Shell were the toast of shareholders yesterday but faced anger from motorists after pumping profits of more than £3million an hour.