Opec’s output cuts will in the end boost oil prices

US president Donald Trump’s missiles pushed the oil price up by $4 but deeper oil market change is under way. Syria has no significant oil trade but rockets alert speculators to instability nearby.

On cue, Libyan oil output fell by a third, showing the vulnerability of existing supply. That exposure is not in the current oil price.

Markets think about theme at a time and then overreact when directed to another risk. The pendulum swings too far each way.