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Oil prices rise off 2-week lows as Iran seizes tanker it accuses of smuggling crude


Thursday, 18 July 2019 19:17 WIB

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Crude-oil futures traded modestly higher Thursday, rebounding somewhat from the lowest settlement in about two weeks in the previous session as Middle East tensions delivered a jolt to prices.

According to the Wall Street Journal, Iran's Revolutionary Guard said on Thursday that it seized a foreign oil tanker, which it claims was smuggling 1 million liters of fuel near the island of Larak in the Persian Gulf on Sunday, citing Iran's state news agency IRNA.

August West Texas Intermediate crude picked up 33 cents, or 0.6%, to $57.11 a barrel, after falling 1.5% on Wednesday on the New York Mercantile Exchange, marking the lowest settlement since July 3.

International benchmark September Brent rose 49 cents, or 0.8%, at $64.15 a barrel on ICE Futures Europe, after tumbling 1.1% on Wednesday, representing its the lowest since July 4.

The Iranian tanker seizing comes after a series attacks and damages to ships in the Strait of Hormuz, the world's most sensitive oil-transportation choke point, which remains the center of tensions between the Islamic Republic and the U.S. which exited a nuclear agreement pact and leveled fresh sanctions against Tehran.

Source : Marketwatch


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