Oil prices edged up at the end of last week after an Iranian oil tanker was attacked off Saudi Arabia’s coast. Meanwhile, Saudi Aramco hopes to repair equipment damaged by attacks it suffered last month, in a move to allow it to fully regain production capacity.
But why is movement in oil prices slowing despite global events?
"Today the market is pretty well supplied...the inventories are full so there's lots of oil in storage and I would say it's not only about plentiful supplies but the flexibility of supply," Dr Carole Nakhle, energy economist and founder of Crystol Energy explained to Today.
"With traditional oil, if you take an investment decision today you have to wait maybe 10 years for oil to come out of the ground, whereas with shale, it's a matter of months...so we have the ability of new oil coming to the market that reacts much more quickly to changes in oil prices.
"This has kind of put a ceiling on oil prices and that's why what we saw today has resulted in oil prices rising a little bit, then going back more or less to normal levels."