Oil prices swing wildly as tensions and talks over the Strait of Hormuz shift

Oil prices have been on a rollercoaster, driven by news about the critical Strait of Hormuz. Prices initially rose above $100 a barrel, then plunged by 8% and later 10% on shifting U.S. policy toward Iran.

Prices fell sharply when President Trump postponed a deadline for threats related to the strait and again on news of U.S.-Iran talks to resolve hostilities. Analysts at Goldman Sachs raised their price forecasts, while the volatility has caused traffic chaos in the region, with reports of 'zombie tankers' appearing.