Oil breaks the January high to rise to the best level since December 2014

Oil breaks the January high to rise to the best level since December 2014

Breakout in crude

Reports of blasts in Riyadh tipped oil over the ledge and to a fresh high since 2014.

All the talk of trouble in the Middle East has many markets on edge.

Technically, the break bodes well for a further rally but ideally you would like to see a close above the 2018 high of $66.66 first.

The problem is that if bombs really do start to fly and somehow Iran gets involved, then oil could be at $80 in a flash.

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