A US-brokered ceasefire between Iran and Israel sent oil prices tumbling this week, as traders and investors bet that the bombing campaigns are over and that the crucial Strait of Hormuz - through which 21 million barrels of oil pass each day -will not be disrupted.

The drop in oil prices is good news for global growth – and for inflation, potentially giving central banks in Europe and the US some breathing room to cut interest rates later this year.

But is the crisis really over? Or have the risks simply evolved?

With geopolitical tensions still simmering, do investors ned to price in a more persistent risk premium?

In this podcast, ING's Warren Patterson unpacks the outlook for oil, Bert Colijn explores the economic impact, and Francesceo Pesole looks at what it all means for the dollar.