In 1973 and 1979 war in Israel and turmoil in Iran twice ruptured the oil market, triggering an inflationary surge that sapped western economies and unseated a US president.
In the decades since, the possibility that new strife in the Middle East could deliver another administration-ending jump in oil and petrol prices has hung like a spectre over the White House.
Last week, the fears suddenly looked overblown.
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