Has Oil had its price shock already? Check Out Brent crude prices this morning

As the threat of wider Middle Eastern conflict looms over the markets Oil prices have seemingly stalled on the topside. yesterday Brent crude struggled to hold onto the $90 per barrel handle and today it is lower. Brent settled just $0.08 lower on the NYMEX exchange, at $90.02, after lifting from an earlier session low at just above $89.40. This price action comes amid further calls by many punters still looking for $100 and beyond. In fact some analysts have even called for the price to reach $120. However, that is not exactly happening right now is it? Perhaps the oil markets seem to think the conflict in the Middle East will not develop into a regional war, or perhaps they would rather wait and see? Perhaps it is also arguable that supply is more than matching demand, especially when one looks at output from the US right now. Some have said the worst case scenario is already priced into the market. That remains very much open to debate though. Meantime, oil prices are lower this morning. Brent has traded a range so far today covered by $89.40 to $90.27. It is just now trading at $89.55