Brent crude prices tumbled below $106 per barrel today (Wednesday 30 July), the lowest level for almost four months. Despite geopolitical concerns continuing to mount up (Israel, Russia, Iraq and Libya), actual physical crude markets appear to be oversupplied, pressuring Brent crude prices.
Although the latest set of sanctions (due to be published in detail on Thursday) are unlikely to result in Russia responding by curtailing its oil exports (the country just being too dependent on their sale for revenue) the spat with Russia could begin to affect economic growth in Europe, reducing demand for oil.