Oil futures tumbled again Tuesday on hopes that the shaky ceasefire between Israel and Iran would reduce if not eliminate the risk any significant disruption to global energy markets. Gasoline futures fell,

Oil prices surged after the US attacked three sites in Iran in a significant scaling up of the tensions in the Middle East. The price of Brent crude oil spiked 5.7 per cent in the aftermath to $81.40 a barrel – marking a five month high.

JPMorgan says there's about a one in five chance that disruptions to oil production in the Persian Gulf send prices spiraling higher.