Murphy's law. On the day that National Statistics attributes the blessed return of inflation to Gordon Brown's two per cent target to last month's dip in petrol prices, assorted factors combine to ensure that the dip will shortly be reversed.

The price of crude jumped back to within $5 a barrel of the $70 peak it hit at the end of August. Disaffected Nigerians, citizens of the world eighth largest oil exporter, forced Shell to evacuate 326 staff from its offshore rigs in the Niger Delta.

Then the International Energy Agency came up with a detailed warning of quickening demand for oil round the world this year, while OPEC's spare capacity is "below comfort levels" and subject to "some statistical uncertainty".

The IEA man hastened to play down his own message with an assurance that the industrial West has strategic stocks - which the IEA was set up to co-ordinate - and can use them in an emergency.

Well, by the time we get to an emergency like that we will be coping with the consequences of the second round of the present oil shock. Last summer's excited talk of $100 crude might not turn out so silly after all.

On top of that there is Iran. It is hard to see how the present stand-off can end speedily, let alone tidily. Remember, Iran supplies a quarter of all the crude slurping round the world - most of it to Japan, India and China - and sits on upward of ten per cent of known oil reserves, plus a colossal source of natural gas.

That is precisely why its pursuit of "peaceful" nuclear ambitions was always implausible. It is almost equally implausible that the countries that rely on its oil will join effectively in any sanctions.

Saddam Hussein turned sanctions to his regime's advantage. The Iranians are in an even better position to do so. The fear that they may, can only keep the oil price bubbling - giving them even more money to fund their nuclear project.

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A year after the first batch of Child Trust vouchers were posted, Gordon Brown lets it be known that he is heading for fatherhood again. He doesn't say what he has done with young John Brown's voucher.

That is a pity. If he did he might generate a little controversy, better still laughter, about whatever investment he chose. He could generate some much-needed interest in the thing.

For it turned out yesterday that parents have done nothing at all with 600,000 of the 1.7 million vouchers sent out. That is too many to be eaten by the dog. Since they are worth £250 (some of them £500) a time, it is an extraordinary demonstration of the unworldliness of our fellow citizens.

Some may have felt, reasonably, that Governments don't go round giving money away without a hidden purpose - like disqualifying them from some other Government money. Others just couldn't be bothered.

It may have been a foolish Brownite gimmick, but now he is splendidly placed to make it interesting after all. Come on Gordon. Tell us what you did with little John's voucher. Show us you are a canny investor after all.