Brent lifts from lows as Mid-East fears resurface

The September Brent crude contract has now given way to the October contract and that is what we are now trading on the platform. Yesterday the September contract closed $1.15 lower, at $78.63 and the October contract closed $0.98 lower at $78.07. However, that has rebounded today and the reason for the rebound would seem to rest with the news of an Israeli strike into Beirut yesterday. This has rattled the oil markets and caused a wider conflict fear to resurface and that is a real prospect right now. Hence, the Brent October contract has lifted since yesterday and risen above $79 this morning. The rebound has taken the price to a high so far at $79.56. It is off that high just now, but remains on alert to further geopolitical developments today. Brent for October delivery is currently trading at $79.40