Brent spikes on Iranian comments

In the previous update on Brent crude oil prices, the July contract was noted as falling back towards $65 per barrel. That update also noted the oil markets probably needed some fresh news to make a significant move. Well, no sooner was the ink dry on that update, we got exactly that. The Iranian supreme leader commented on the US/Iranian nuclear talks. He said that he did not think those talks would be successful. Well, as you can imagine that comment had an immediate impact on the oil markets and it sent the price of Brent charging back towards $66 in very short order. It has now pared that gain, but one thing is for sure; this news certainly livened up the oil markets today. Brent for July delivery is right now at $65.30