Oil prices have dropped from highs last seen in 2015, as soaring US production undermined a 10 per cent rally from December lows that was driven by tightening supply and political tensions in OPEC member Iran.

Oil prices have dropped from highs last seen in 2015, as soaring US production undermined a 10 per cent rally from December lows that was driven by tightening supply and political tensions in OPEC member Iran.