The decision of OPEC and its allies to extend output cuts apparently failed to charm the markets. Even if US inventories came in lower than expected, the oil price still looks quite feeble. Moreover, yesterday’s fall was the biggest drop following an OPEC gathering since November 2014. With the recent turmoil seen in the Strait of Hormuz, this oil price setback comes as a surprise. After all, tensions between the US and Iran have not gone away.