Brent crude rebounds towards $78 as ceasefire doubts increase

Since earlier this morning oil prices have been rebounding and that rebound has seen Brent rise close to $78 per barrel. That compares to a low closer to $76.50 earlier this morning. The simple reason for this is all due to comments from a Hamas spokesperson pouring cold water on any US brokered peace deal. That has cast a great of doubt over the prospect of any deal being reached and hence the oil markets have reacted to price in an increased chances of a price and supply shock. Brent for October is currently trading at $77.96