Oil is bid over $79, on Iranian president Ebrahim Raisi who may have been killed in a Helicopter crash within Iran. (update 1),

 

Oil has broken out of its narrow trading ranges of $78.14 and $78.51 on the market overreading the latest CPI,and the possibility that the Federal Reserve will cut rates in 2024.  Geopolitical is still the driver and underpinning focus for the oil price:  Iranian president Ebrahim Raisi may have been killed in a Helicopter crash inside Iran.

Oil is bid over $79, closing in on the psychological resistance of $80.

*Iran’s president, foreign minister and others found dead at helicopter crash site - AP