Brent crude reverses tack after reports of explosions in Iran emerge

Well, there is certainly plenty going on around the markets today and the latest twist has delivered a sharp rebound for oil prices now today. Earlier the price of Brent crude for March delivery fell to an adjusted low at $74.79 per barrel. It has since rebounded back above $76.50. and that means it has more than taken out the earlier session highs, in place at around $76.10. The core reason for the sharp rebound could lie with reports emerging from Iran of explosions there. This has been followed by comments from the Israeli secret service to suggest they might have had a hand in those. That is not to confirm that is the case, but merely to report comments from the Mossad chief following these events. So, this has all upped the anti for the oil markets and seemingly increased the risk of this conflict spreading and engulfing the likes of the Iran and the US. Of course the whole situation remains extremely fluid and that is likely to be reflected in the oil market price action this afternoon. Brent crude for March delivery is currently trading at $76.62