Oil prices. Oil prices are back, baby.

At the moment, West Texas crude is sitting near US$74 a barrel, while Brent crude is around US$79. Prices are up slightly, rebounding as tension continues between the United States and Iran.

Looking at the oil trading charts, West Texas crude has fallen to almost its lowest point in quite some time.

But if you look at the futures markets, the expectation is that prices will rise. Some analysts say that could very well happen when US markets open tomorrow - Monday in the United States, which is Tuesday for us.

So, where are we with oil prices?

Geopolitically, the ceasefire signed on June 17 has effectively collapsed. The United States has struck more than 170 Iranian military targets across Tehran and key locations in the south. Iran has retaliated with missile and drone strikes on US bases in Bahrain, Kuwait and Qatar, causing casualties across multiple areas.

Donald Trump has warned that 1,000 missiles are "locked and loaded", while US intelligence, backed by Israel, says Iran has developed fresh plots to assassinate Trump on US soil.

Trump says the Strait of Hormuz is open. Iran says it isn't.

Does that sound like peace to you?

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