Brent back above $78 this morning as Red Sea concerns remain

Oil prices fell back further yesterday and that saw the price of Brent crude for April delivery fall close to $76.50 per barrel. If you look at the chart of the price action there you can see the price action basing out ahead of that level and then lifting into the wider European markets close. Eventually, that recovery extended into the NYMEX settlement, where April Brent later settled, $0.66 higher, at $77.99. It has made a bit more progress so far today. The further rise comes amid fresh attacks by Houthi forces on US and UK ships in the Red Sea. The concerns of a spread in the conflict across the wider Mid East region are back to the fore this morning and that has helped Brent crude rise above $78 today, currently trading at around $78.20