Mexico's inflation exceeds expectations in 1st half of April    Egypt's gold prices slightly down on Wednesday    Tesla to incur $350m in layoff expenses in Q2    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Crude climbs slightly after Iran says it seized UK tanker
Published in Amwal Al Ghad on 20 - 07 - 2019

Crude rose on Friday after Iranian state media said the Iran Revolutionary Guard had captured a British-flagged oil tanker in the Strait of Hormuz in what was viewed by traders as the latest escalation in the region.
The Iranian Revolutionary Guard issued a statement, saying "On Friday a British tanker by the name of Stena Impero while passing through the strait of Hormuz was seized by the IRGC due to violating international regulations. After it was seized it was transferred to Iranian shores to undergo legal procedure."
A spokesperson for the UK Ministry of Defence said on Friday that the government was urgently seeking further information and assessing the situation following reports of an incident in the Gulf.
Later, Reuters reported that a second British-operated tanker had also taken a sharp northerly turn and was heading toward Iran after passing through the strait.
Oil prices jumped on the reports, with Brent crude futures up 66 cents to $62.59 a barrel.
West Texas Intermediate crude settled up 33 cents, or 0.6% to $55.63 per barrel, though U.S. oil clinched its worst week since May thanks to weaker demand and larger surpluses.
"Our opinion of the complex still favors some wide swinging trade in both directions as pricing continues to be buffeted by an array of cross currents that include a heightening of tensions between the U.S. and Iran on the bullish side and mounting global oil demand concerns on the bearish side," Jim Ritterbusch of Ritterbusch and Associates said in a note.
Before the latest developments, a senior Trump administration official said on Friday the United States will destroy any Iranian drones that fly too close to its ships.
The United States said on Thursday a U.S. Navy ship had "destroyed" an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone.
The episode has injected further geopolitical risk into the oil market. Prices were also buoyed Friday by indications the U.S. Federal Reserve will cut rates aggressively to support the economy.
Two influential Federal Reserve officials sharpened the public case for acting to support the U.S. economy on Thursday, reviving bets the central bank may deliver a larger-than-expected cut this month.
Still, the longer-term outlook for oil has grown increasingly bearish.
The International Energy Agency (IEA) does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, the IEA's Fatih Birol said on Friday in public comments.
The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.2 million bpd due to a slowing global economy amid a U.S.-China trade spat, Birol told Reuters in an interview on Thursday.
"Macroeconomic concerns, uncertainty on trade discussions and increasing oil supply from the U.S. continued to weigh on sentiment," said Warren Patterson, head of commodities at ING.
Source: Reuters


Clic here to read the story from its source.