Heightened Middle East Tensions Boost Crude Oil Prices
6 Articles
6 Articles
Petrol and diesel prices were expected to become cheaper in India. However, the situation is currently unrewarding, as uncertainty surrounding the Strait of Hormuz and the growing tension between Iran and the US have increased the energy market's anxiety.
"The tensions in the Middle East remain high, leaving room for further interruptions in supply," said Giovanni Staunovo.
Oil prices were operating this Thursday at most in three weeks, driven by fears that the stalemate in the conflict with Iran will continue to affect supply from the key Middle East producing region.
Oil companies had hiked petrol and diesel prices in May following tensions in the Middle East. Expectations of a fall in fuel prices had increased since June, when tensions between the US and Iran led to a fall in crude oil prices. However, renewed tensions in the Gulf have dashed hopes of a fall in fuel prices. In fact, the impact of ongoing global tensions is most visible on India's fuel and food prices. Crude oil prices have risen again as ho…
Crude oil futures prices on the New York Mercantile Exchange rose for the fourth consecutive trading day on the 19th, with the benchmark West Texas Intermediate (WTI) September delivery closing at $85.83 per barrel, up $0.89 from the previous day.
Heightened Middle East Tensions Boost Crude Oil Prices
September WTI crude oil (CLU26) closed up +0.89 (+1.05%) on Wednesday, and September RBOB gasoline (RBU26) closed down -0.0466 (-1.41%). Crude oil and gasoline prices settled mixed on Wednesday, with crude oil posting a 4-week high. Wednesday’s sharp decline in the dollar index ($DXY ) to a 2.5-month low was...
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