Brent crude crumbles to test $72 on the Asian opening

On Friday afternoon oil prices lifted into the European close and that saw the price of Brent crude for December delivery lift above $76 per barrel. Brent later settled $1.67 higher on the NYMEX exchange, at $76.05. However, the price has crumbled on the Asian opening today, falling sharply by more than $4 to test the $72 handle after the impact of Israeli strike on Iran over the weekend was not as bad has had been feared. Brent traded to a low at $71.99 and the price action since has not seen much in the way of any rebound from that low. The high was just above $73. The reaction in the oil markets to all that has transpired over the past couple of days highlights that the downside risks remain in place and without an escalation in the Middle East, it looks like it could struggle from here on. Brent for December delivery is currently trading at $72.82