Brent crude reaches highest level since January

Since an earlier update today, oil prices have continued to press higher. The price action has not all been one-way though, but if you look at an intraday chart you will it has been a steady overall move higher so far today. So, Brent crude for August delivery has touched $79 per barrel a few minutes ago and that means it has surpassed the highs seen very early on Sunday night, when the Asian markets pushed the price above $78.25. The price has just backed off a little now, but the overall trend and direction is northbound. The oil markets continue to view the risks of supplies being significantly impacted by all that is going on in the Middle East. The major risk there remains as noted here previously and that is a potential closure of the Straits of Hormuz. Several analysts continue to highlight the risks of $100 per barrel oil. Brent for August delivery is trading right now at $78.70