Brent crude holds below $78 as oil markets wait

Yesterday the news that was reported here was the driver behind a spike in oil prices that later saw December Brent crude rise close to $78 per barrel. That was all due to the prospect of Israel attacking Iranian oil facilities. Brent settled $3.72 higher on the NYMEX exchange, at $77.62 and later peaked in the US at $77.99. It has not so much fallen back so far today, as drifted a little lower. The low seen has been set at $77.47 and until the threat of that Israeli oil strike is either removed or endorsed, the price is surely to remain elevated. The high seen earlier today has been set at $77.79. It is currently trading at $77.52