Oil prices expected to fall from present highs as panic subsides

But they could surge again if a full-scale Middle East conflict breaks out or if Iran renews its nuclear ambitions

Oil prices began to rise in recent months and are well above the lows of US$30 a barrel in January 2016, mainly because the Organization of Petroleum Exporting Countries has cut output.

PHOTO: AFP

London

CRUDE oil prices are expected to decline from their highest levels since November 2014, despite worries about US sanctions on Iran and a potential conflict with Israel.

Traders cite several reasons. First, the US Treasury has stated that sanctions on oil and other products