Brent rises to test levels above $74.50

The platform is now trading the January contract for Brent crude and yesterday that rose to set a $0.65 higher close on the NYMEX exchange, at $72.81. However, soon after this the price spiked above $74 and that was all about further headlines emerging from the Middle East. The price action today has been impacted by more of the same and that earlier delivered some sharp moves between $74.25 and $72.80 again. The rebound from the earlier Asian low has now seen it push back above $74 once more. So, as the weekend looms it seems the oil markets are nervous and that is perhaps warranted, given the latest risks of a further escalation between Iran and Israel. For that reason perhaps, you can see Brent rising to session highs right now, lifting to test levels above $74.50