Oil prices rise as US-Iran tensions escalate and on supply outages
Donald Trump has threatened Iran with ‘great force’ if it attacks US interests in the Middle East, while Opec is likely to continue its supply cuts
Singapore/London — Oil prices rose on Tuesday on escalating US-Iran tensions and amid expectations that oil cartel Opec producers will continue to curb supply this year. Gains were capped by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown. Brent crude futures, the international benchmark for oil prices, were at $72.31 a barrel at 10.30am GMT, up 34c, or 0.5%, from their last close. US West Texas Intermediate (WTI) crude futures were up 42c, or 0.7%, at $63.52 per barrel. “Escalating tensions between the US and Iran, in addition to signs that Opec will continue its production cut, drove oil higher,” said Jasper Lawler, head of research at futures brokerage London Capital Group. On Monday, US President Donald Trump threatened Iran with “great force” if it attacked US interests in the Middle East. This came after a rocket attack in Iraq’s capital Baghdad, which Washington suspects to have been organised by militia with ties to...
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