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Oil prices rise amid rising tensions in the Middle East

2019-07-11 11:15 am | Resource: News | No Views : 10

Oil prices rise amid rising tensions in the Middle East

Oil futures hit their highest level in six weeks on Thursday as oil platforms in the Gulf of Mexico were evacuated before the storm, while an accident with a British tanker in the Middle East highlighted the ongoing tensions in the region.

A US defense official said on Thursday five boats believed to belong to Iran's Revolutionary Guards approached a British oil tanker on Wednesday and asked them to stop in nearby Iranian waters but withdrew after being warned by a British warship over the radio.

Oil prices were also supported by a drop in US stocks. US crude inventories fell 9.5 million barrels in the week ending July 5, more than three times more than analysts' forecasts of 3.1 million barrels, as refineries increased production, the Energy Information Administration (EIA) said.

The Revolutionary Guard denies allegations about the tanker

After reports of unnamed Pentagon officials said five Iranian boats had attempted to seize British heritage, the Islamic Revolutionary Guards Corps said on Thursday there had been no meeting with any foreign vessel in the past 24 hours, .

The news agency, reportedly linked to a branch of the State Army in the Middle East, noted allegations that the Iranian Revolutionary Guards were expelled from the HMM Montrose, a frigate, after approaching the BBC-owned tanker. The statement adds that if there is an order to seize, the Navy will operate "quickly" and "decisive" in its area of ​​operations.

Western media organizations have learned from unknown sources that the apparent incident took place in the northern Strait of Hormuz, one of the busiest oil transport routes in the world. Meanwhile, the United Kingdom and the United States claimed there had been an accident and CNN reported that a US aircraft had photographed everything.

Oil contracts
  • West Texas Intermediate rose for delivery next month by 0.2% to 60.55 dollars at 7:02 CET
  • Brent crude for September was up 0.1% at $ 67.08 a barrel. Today they reached $ 60.83, the strongest point since May 23, and $ 67.38, a level last seen on May 30, respectively.


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