Relief in the markets - but energy prices will remain elevated for some time

Dharshini DavidDeputy economics editor Relief around the world at news of a ceasefire agreement - and in the markets too. Shares are up - or are expected to open up - and the oil price fell by around 15%, buoyed by the envisioned re-opening of the Strait of Hormuz. But the price of oil remains considerably higher than before the conflict - for two reasons. The range we’ve seen for Brent Crude, of $100-110 per barrel in recent days, is midway between the kind of level you’d expect if investors we