Oil breaks the June high

The oil market continues to attract steady bids on speculation that the US will join the war in Iran, with Iran potentially closing the Strait of Hormuz in response.

Brent is now up $2.10 to $78.80 and at the highest since January. it’s risen about $13 since the first signs of hostilities.

There appears to be a squeeze ongoing in the diesel market as well. In the past week crude is up $9 while diesel is up $21 and trading above the peaks from January and last June.

This article was written by Adam Button at www.forexlive.com.