Brent takes a breather for the time being

Earlier reports noted how oil prices had continued to charge higher today and subsequent to a previous update, the price of Brent crude rose even further. Brent for September delivery lifted above $95 per barrel, peaking at $95.47. That is the highest level for the near term contract since it peaked above $96 back at the beginning of June. 

However, it has since stepped back from that high, dropping down to around $93.70 ahead of another bounce that saw push above $95 once more. Look, the price action is incredibly volatile still and subject to immediate change on the very next headline. Of course it has been that way for ever and a day now and that is important to remember if you are involved in this market. 

We take this moment to remind readers of what was reported earlier in the week, from the outlook call by Goldman Sachs. They see Brent reaching $120 this year if the Straits of Hormuz remain closed. They might not be right on that call, but the right now those Straits are as effectively blocked as they have been since the conflict started. Brent crude for September delivery is right now at $94.32