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Oil trades amid rising tensions over Iran's oil tanker

2019-07-05 11:53 am | Resource: News | No Views : 77

Oil trades amid rising tensions over Iran's oil tanker

Oil prices diverged in trading, but US crude is poised to record the biggest weekly loss since May, with concerns about global demand, despite OPEC and its allies agreeing to extend the cut to 2020.

 Iran demands the immediate release of the tanker in Gibraltar

Iran on Friday called on Britain to "immediately release" the oil tanker previously held in Gibraltar, describing it as "unacceptable."

According to a statement issued by the Iranian Foreign Ministry, Tehran summoned the British ambassador to express his "strong objection to the illegal and unacceptable seizure" of the tanker carrying crude oil to Syria in violation of EU sanctions. The statement added that Iran also "called for the immediate release of the tanker, as it was confiscated at the request of the United States, based on information currently available."

Gibraltar's government, a territory outside the United Kingdom, said the carrier had violated sanctions on Syria, where British authorities believe the crude was destined for the Banias refinery in Syria.

Bolton: Iran's oil tanker's capture is excellent

US security adviser John Bolton said the United States considers holding an Iranian oil tanker on Thursday by the British authorities in Gibraltar "excellent news." Bolton welcomed the move by the British Royal Marines.

"Excellent news: The United Kingdom has detained giant oil tanker Grace I, who is loaded with Iranian oil destined for Syria in violation of EU sanctions, and America and its allies will continue to prevent regimes in Tehran and Damascus from taking advantage of this illegal trade," Bolton said on Twitter.

Gibraltar's government, a territory outside the United Kingdom, said the carrier had violated EU sanctions against Syria because British authorities believed the crude was going to the Banias refinery in Syria. Spanish Foreign Minister Josep Borrell, who was nominated to take over from Federica Mugherini as the EU's top diplomat, said the ship had been seized on US orders. Iran has described the carrier's capture as illegal.

Oil trading
  • Brent crude for September delivery settled at $ 63.3 a barrel at 8:49 am Mecca, but is still down 5% this week.
  • US crude futures for August delivery fell 0.9% to $ 56.8 a barrel, heading towards a weekly loss of 3%. It is worth mentioning that the transactions were not settled Thursday due to holiday in the US market.


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