The question is whether prices are sustained -- then the burden of oil subsidies comes under stronger focus. It needs careful political consideration to avoid a backlash.

With the US sanctions, you block the US companies, but there's plenty of others to come in the wake.

There's a lot of focus in the bond market on oil. It's been such a hot story because of people's fears of higher inflation.

When you have a focus on an issue like Iran, hoarding tends to be prompted. Crude oil is not the only area where hoarding occurs; it also takes place in the products. Distributors like to stay ahead of the price rises and hedge by buying additional supply.

The market is so volatile at the moment ... the one thing the oil market desperately needs at the moment is clarity from OPEC, and it's not getting it.

The market is so volatile at the moment ... the one thing the oil market desperately needs at the moment is clarity from OPEC, and it's not getting it,