Mayhem: oil and equity markets caught off guard by UK election result

Yet more uncertainty will be negative for energy demand and stunt policy

Geopolitical risk and volatility have risen since the UK voted for Brexit in 2016. Now a country once known for its political stability has pulled off another shock. Having called an election to build a big parliamentary majority to back her Brexit plans, prime minister Theresa May failed in the 8 June election, losing seats and emerging deeply wounded. Her Conservative party clings to power, just, but will now depend on sympathetic members of a Northern Irish party. May's personal credibility is shattered. In a speech after the election, the prime minister said: "Let's get to work". But it will be another surprise if the Conservatives let her stay in Downing Street for long. By mid-morning