Brent crude falls back again so far today

Brent crude found a floor yesterday morning and that led it steadily higher as the afternoon progressed. It was already rising above $74, after setting a low at $72.42, when news emerged of a Singapore flagged tanker coming under attack in the Straits of Hormuz. 

That news was later followed by a UN announcement; temporarily pausing evacuation plans for stranded ships in the straits following the attack by Iran. That announcement gave a degree of credence to the earlier report, so Brent rose above $75  per barrel leading into the NYMEX settlement. Brent later settled higher, around $75.50 on that exchange. Brent later managed to reach $76.09, as the wider US markets drew to a close last night.

However, that angst has been tempered so far today and Brent has fallen back, as news emerges of more ships passing through the Straits. Quite what is going on there is really hard to gauge, Perhaps the fall in stocks today is also something to consider for the oil markets? Whatever the reason, this market remains a hostage to any immediate fresh news, but overall it is still in reverse as the price action over the past month clearly bears witness.

The range seen so far today has been covered by $74.09 and $75.46. Brent crude is right now at $74.11