The downward drift in oil prices since the United States and Iran halted hostilities ahead of negotiations to end their war, is good news for Jamaica.

The island’s economy will hopefully get a respite from higher energy costs and its potential impact on domestic inflation.  But policymakers and domestic consumers should avoid becoming overly ecstatic, given the many uncertainties that surround the matter. For it is unlikely that oil prices will fall back to their pre-war levels anytime soon.

In fact, they  could, though not at the same levels as during the war, face upward pressures if, and when, China aggressively returns to the market to bolster its commercial  reserves, which it   tapped during the conflict.