Oil prices are down more than 6% in the wake of Brexit as traders speculate about the possible impact on UK and European economies and the implications this has for oil demand.
Gold prices take a divergent path as investors seek out safe havens. The precious metal rebounds from a two-week low immediately before the referendum result to hit two year highs above $1,350 an ounce and many observers think this rally could be sustained for a number of days as uncertainty persists.
This latest shock reinforces the whipsaw nature of oil markets in 2016. In February the European benchmark Brent and its US counterpart West Texas Intermediate hit 13-year lows before nearly doubling on supply outages and hopes for action on the part of big global producers to trade above $50 per barrel.
The tight correlation between equity markets and oil which persisted in the first quarter of 2016 could well return as global risk sentiment wavers.
The long-term concern is that the uncertainty will lead to lower investment in future production with its own significant implications for supply in the future.
And in the short-term the substantial depreciation in sterling against the dollar will make fuel more expensive for UK motorists given oil is denominated in dollars.