Brent back above $87 again

Earlier today we noted how Brent crude for October delivery had rather defied all the latest news that surrounded it and fallen below $85 per barrel. As we noted at the time, that fall seemed entirely at odds with the latest news when it fell as low as $84.65. Well, it has since rebounded and it seems an old headline, that did not seem to get reported everywhere, is behind the rebound back above $87 just now. That concerns drone and missile attacks on Saudi Arabian oil installations around Riyadh. That installation is the one of the largest oil processing plants in the world and as such it is important. 

It seems the attack on that plant, which did cause fires and damage, came from Iranian friendly forces within Iraq. The price action in Brent and WTI remains extremely volatile and fluid and subject to immediate change at very short notice. Brent for October delivery is currently trading at $87.13