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Oil prices are pushing higher again, after sliding yesterday amid talk of a potential ceasefire between Israel and Hezbollah.
Brent crude, the global benchmark, is up 0.5% at $77.55 a barrel, a 37 cent gain, while US light crude has advanced by 0.3% to $73.78 a barrel.
The everyday dilemma of ‘Middle Eastern headlines’ moving like a pendulum between ‘ceasefire talks’ and ‘further escalation in attacks’ has been distracting investors from reality.
Oil markets are twirled in sentiments of ‘buying the rumour’ and sidelining the real fundamentals that should matter.
