It will be the biggest initial public offering (IPO) in history. Of course, we are talking about Saudi Aramco, the world’s most profitable company and one of its best run.

The US central bank, the Federal Reserve (Fed), is widely expected to lower its base rate on Wednesday. Its governor, Jerome Powell, announced the about-turn of his tightening policy in a speech in Paris in mid-July.

Since the US removed exemptions that allowed eight countries — including Japan, China and South Korea — to import Iranian oil, sanctions on Tehran have really begun to bite, and the threat to commercial shipping in the strategic Strait of Hormuz has increased in proportion.

Tension in the region has been rising since US President Donald Trump withdrew from the Joint Comprehensive Plan of Action (JCPOA), the 2015 deal to curb Iran’s nuclear program, and reimposed sanctions.

As OPEC oil ministers gathered in Vienna for their meetings and consultations with their non-OPEC allies, commonly referred to as OPEC+, the oil price reached a five-year high on the back of on two news items.