Could the worst now be over?

It’s the daring question all financial market participants are asking as oil prices come back down below the significant $100 a barrel mark.

Noise around a 15-point peace plan put to the Iranians by Donald Trump helped Brent crude fall 4% to $99 overnight.

The prospect of a possible ceasefire easing supply disruptions in the key Middle East-producing region prompted some profit-taking, according to analysts.

But while Trump has been talking up progress in efforts to secure peace, Iranian state media has quoted a military spokesman describing the US as negotiating with itself.

Market scepticism on the status of talks is a factor providing some lift to the price.

This month’s global energy price spike was first realised at the fuel pumps but will also creep into wider prices, such as those for food, in the coming days and weeks.

Data from the RAC last night showed average diesel prices up by more than 31p a litre – with petrol rising by almost 16p – during March to date.

A closely-watched business activity survey yesterday reported factory input costs rising at their fastest monthly pace in 44 years.