COLUMNISTS The timing could hardly be worse. BP’s decision to shut down its Prudhoe Bay oilfield came when oil was already close to its record nominal high. It also occurred at a time of high Middle East tensions, with Iran threatening to disrupt oil exports if faced with UN sanctions relating to its nuclear programme.
Oil has been the elephant in the room for global markets in 2006. Few would have predicted that the price of crude would be hitting $78 a barrel by this stage of the year. But, with the exception of Monday, there have not been many occasions when oil has been seen as the driving force for moves in other asset markets.
