This might be the last update on the oil markets today

Since we reported earlier, the price of Brent crude has traded back above the $104 handle, having earlier traded as low as $100.80. The driver behind the rebound was further reports, suggesting that Iran might have actually rejected the latest US proposal. So, if you thought the price action in this markets could not get any crazier, then think again, because it might not be done with yet today. 

The bottom line is this is wearing this analyst out to be honest with you. We no longer know how to disseminate what is truth and what is fiction in this mad game. We try to make the best sense of what we can, but it is just ridiculous now, as indeed we have noted at times before. So, on that basis we are not commenting on Brent anymore today and we do hope you understand why. Apart from anything else there are simply dozens of outlets now reporting, what is either truth or fiction and it is not clear which is which anymore folks. Brent is right now at $103.40