Oil prices rise as Middle East tensions simmer


Oil prices rise as Middle East tensions simmer

Oil prices climbed on Monday as tensions remain high between Iran and the United States, with US Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced.

Brent futures were up 37 cents, or 0.6 percent, at $65.57 a barrel by 0044 GMT. West Texas Intermediate crude was up 43 cents, or 0.8 percent, at $57.86 a barrel.

US President Donald Trump said last week that he called off a military strike to retaliate for Iran’s downing of an unmanned US drone, and he said on Sunday that he was not seeking war with Iran.

But Pompeo also said “significant” sanctions on Iran would be announced on Monday aimed at further choking off resources that Tehran uses to fund its activities in the region.  Read More

Leave a Reply

Your email address will not be published.