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Oil prices stabilize amid rising tensions in the Middle East

2019-09-18 09:19 am | Resource: News | No Views : 24

 Oil prices stabilize amid rising tensions in the Middle East

Brent crude has stabilized amid optimism about Saudi production, and is awaiting the results of the Federal Reserve meeting to be released today with expectations of a US rate cut. Amid rising tensions in the Middle East

Saudi Oil Minister: It is still not clear who is behind the Aramco attacks

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman told a news conference on Tuesday that he still did not know who was responsible for the attacks on Aramco's oil facilities. The minister added that UN inspectors would be involved in the investigation into the attacks.

Earlier, the United States accused Iran of carrying out drone and cruise missile attacks on two Saudi Aramco facilities despite the fact that Yemen's Houthi rebels claimed they were behind the attacks, while Tehran denied any involvement.

 Saudi Arabia becomes part of the US-led Gulf Navy

In the same context, the Saudi Press Agency at the Ministry of Defense in the Kingdom announced on Wednesday that it has joined the International Maritime Security Building. The US-led coalition protects merchant ships in the Strait of Hormuz, Bab al-Mandab, the Sea of ​​Oman and the Persian Gulf.

The Pentagon has been in contact with allies to take part in the maritime safety mission since Iran began capturing oil tankers and accused foreign crews of smuggling fuel and violating international regulations. The Islamic Republic's campaign followed a seizure in Gibraltar of its own oil-carrying ship.
 
Iran warns that it will respond to any US attack

For its part, Iran sent an official note to the United States Switzerland declaring that it will respond to any US action against their country. They also claimed that the Yemeni Houthi attacks on Saudi Aramco oil facilities in Saudi Arabia were not their work. Iranian President Hassan Rouhani said earlier that Iran did not want conflicts in the region and blamed the US-Saudi military alliance for Middle East tensions. He also said accusations that Iran was behind the attacks were under "pressure" from Washington.
 
Oil Contract Trading
  •  Brent crude futures settled at $ 64.56 a barrel after falling yesterday by 6.4%.
  • US crude futures fell 0.5% to $ 59.03 a barrel, after falling more than 5% yesterday at $ 59.6.


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