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This advertisement doesn't constitute an offer or solicitation, nor a description of any products or services of AXA XL.
Hello and welcome to NewsHour.
It's coming to you live from the BBC World Service studios in central London.
I'm Tim Franks.
We're beginning with the soaring price of oil.
At one point today, Brent crude hit more than $126 a barrel,
a level not seen for four years after Russia's full-scale invasion of Ukraine.
And yet, you might be wondering, how come?
After all, aren't open hostilities between the US and Iran currently on hold?
And is n't it also the case that nothing much has changed when it comes to the blockade by both Iran and the US