Oil Rose in a Restive Market for Iran’s Naval Maneuvers

Oil rose on Thursday in a restive market for naval maneuvers of Iran in the middle of a period of confrontation with the United States.

The barrel of Brent of the North Sea, for delivery in October, increased 1.06 dollars to 73.45 dollars in the London market.

In New York, the barrel of “light sweet crude” (WTI) for delivery in September was valued at $ 1.30 to $ 68.96.

Iran plans naval exercises in the Persian Gulf that will involve the deployment of a hundred ships, said analyst James Williams of WTRG. “The calendar is surprising because this exercise is usually carried out later in the year,” he said.

Several analysts expressed concern that such maneuvers would fuel disputes between Tehran and Washington that departed from international agreements and reinstated sanctions.

Oil rose in a restive market for Iran's naval maneuvers

Iran, Opec’s third-largest producer, is also concerned that the government faces protests over rising inflation, Williams said.


Source: Elsiglo