I would actually be more concerned about the 68 than the 174. That is a bit too low for an insulin dependant diabetic and if it is regularly that low then you should consult your team about adjusting your insulin dose.
The 174 is a concern because it is so much higher than the 68, but there are threee reasons why this might happen
1) The dawn phenomena means that many people's livers pump out sugar first thing in the morning so as to help them get active for the day. If you are T2 then you don't tend to cope well with extra sugar and as a result many T2s (and T1s) have issues with after breakfast blood sugars.
2) A lot of people find that there is too much sugar (both added and in the grains themselves) to cope well with cereals.
3) It may be that your blood sugar was lower before the 74 in which case your liver will have been stimulated to add more sugar in to the mix to help raise your levels.
My guess is that if this is a one off and your starting level is not usually that low, then number 3 is the reason for your rise. (Speaking as a T1 veteran of so many hypos, a rebound high is often the result).
ps Welcome to the forums.