Faisal Islam: Trump comments may have eased oil price surge, but havoc remains

It has been the most volatile day of oil trading in world history, and there is much still to play out.

As the oil price spiralled to $115 (£86) a barrel, word emerged of an emergency meeting of the G7 finance ministers. Reports suggested there could be a 300 million barrel release of emergency stockpiles coordinated by the International Energy Agency.

The escalating conflict in West Asia has become a significant economic hazard, with energy central to the global economy's functioning. World leaders convened an emergency meeting of the Group of 7 countries, where finance ministers considered tapping their national stores of oil to increase available supply.

Oil prices fell after hitting an over three-year high as US President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.