Oil gains as Gulf tanker seizure raises tensions


Oil gains as Gulf tanker seizure raises tensions

Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. Brent crude futures were up 51 cents, or 0.8%, at$62.98 a barrel by 0042 GMT. The international benchmark rose to as high as $63.47 earlier.

West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3%, at $55.78. WTI fell over 7% and Brent fell more than 6% last week. “Falling global demand and rising U.S. stockpiles have helped turn oil charts very bearish, but that may not last as tensions remain high in the Persian Gulf,” Edward Moya, senior market analyst at OANDA in New York, said in a note.

Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, ratcheting up tensions along a vital international oil shipping route. Read More

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