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Brent steps back from above $81.50
Yesterday an update here noted how oil prices had gotten a boost from a number of reports concerning fresh US sanctions on Russian oil exports. That news delivered a rise to a new 2025 high for March Brent crude, at $81.68 early yesterday morning. Brent later settled $1.25 higher on the NYMEX exchange, at $81.01. However, since then the prospect of peace in the Middle East does seem to have rather gotten in the way of that move and helped to send the price lower so far this morning. Brent has backed off somewhat, but it has not threatened to move below the $80 handle yet. The low seen so far this morning has been set at $80.47. So, it looks like the upward trend remains intact, but as usual very much hostage to fresh headlines as they emerge. Brent for March delivery is currently trading at $80.58
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