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Tue, 12 Nov 2019 23:08 GMT

Oil Prices Rise Amid US-Iran Tension

Business

7Dnews London

Mon, 24 Jun 2019 15:46 GMT

Oil prices rose on Monday, June 24th as tensions between Iran and the United States continued after US Secretary of State, Mike Pompeo said he would announce "significant" sanctions against Tehran, Reuters has reported.

Benchmark Brent crude was up 25 cents (0.4 per cent) at $65.45 a barrel, by 03:30 GMT.

West Texas Intermediate (WTI) rose 37 cents (or 0.6 per cent) to $57.80 a barrel.

US President, Donald Trump said last week he had cancelled a military strike to respond to Iran's downing of a US aircraft. On Sunday he stated that he was not seeking war with Iran.

Pompeo also said he would announce "significant" sanctions against Iran on Monday which are aimed at further reducing the resources Tehran uses to finance activities in the region.

"Middle East differences should support oil prices at the weekend, as oil markets wait to see Iran's response to the threat of additional sanctions," said Edward Moya, chief market analyst at forex trading platform OANDA.

Oil prices rose last week after Iran shot down an unmanned drone. The United States said the device was in international airspace, while Tehran said it was over Iranian territory.