Brent rises for second day after Iran seizes British tanker

Economies.com
2019-07-22 12:53PM UTC

Brent prices continued to rise as the US market opened on Monday, to continue gains for a second straight day on the renewed concerns over the safety of shipping and navigation in the Gulf region, especially after Iran seized a British oil tanker in the Strait of Hormuz.

 

By 12:30 GMT, Brent crude rose to $63.40 per barrel from the opening price of $62.60, recording a high of $64.01 and a low of $62.60.

 

Brent crude rose 0.5% on Friday, its first gain in six days, recovering from a four-week low of $61.32 per barrel.

 

Iran's Revolutionary Guard said on Friday it had seized a British-flagged oil tanker in the Strait of Hormuz in retaliation for Britain's seizure of an Iranian tanker earlier this month.

 

The incident renewed concerns about the safety of the shipping and navigation operations in the Persian Gulf, which threatens to disrupt a fifth of the world's oil supplies.

 

Crude oil shipments from Saudi Arabia, the world's largest oil exporter, fell in May to their lowest level in a year and a half, data showed.

 

Iran's takeover of the crude tanker in the world's main oil trade corridor is the latest escalation in the last three months of confrontation with the West, which began when new tougher US sanctions on Tehran entered into force in early May.

 

On the other hand, Goldman Sachs on Sunday lowered its forecast for crude oil demand growth in 2019 to 1.275 million bpd from 1.45 million barrels per day at the beginning of the year, as well as slowing global economic activity.

Commodities News

Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...
Oil News

Commodities

US crude stocks rise unexpectedly
2024-03-27 15:39PM UTC
The Energy Information Administration reported a buildup of 3.2 million barrels in US crude stocks ...
Oil News

Commodities

Oil prices extend losses after a spike in US inventories
2024-03-27 13:21PM UTC
Oil prices declined in European trade on Wednesday, extending losses for the second session, with ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...
Silver Analysis

Commodities

Silver price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Silver Price Analysis Silver price faces expected negative pressure to test the key support ...