When the oil price rises, the BP (LSE: BP) share price tends to rise with it. Not today. What’s going on?

Last Thursday (28 April) was particularly volatile for oil, with Brent crude rocketing to $124 a barrel. It’s since retreated to $112 but Macquarie Group warns it could hit $200 if the Iran war drags into June. Despite the threat, BP shares are down 5% in the last month. That’s very odd. Here’s what I think is happening.

Why is this stock slipping?

First, the FTSE 100 oil giant has had a jolly good run. Its shares are up an eye-popping 61% in the last year. Investors may be reluctant to bid the stock even higher. Also, people will have noted that whenever Donald Trump…