U.S. oil hits highest in over a month amid Gulf of Mexico storm, Iran tensions By Expertcommodity.

© Reuters. An oil pump is seen at sunset outside Vaudoy-en-Brie

Oil futures hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.

Brent crude futures reversed early losses and were up 36 cents, or 0.5%, at $67.37 a barrel by 0643 GMT. Earlier in the session, they hit their highest since May 30 at $67.39, after ending Wednesday up 4.4%.

U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.5%, at $60.75 a barrel, having earlier touched their highest since May 23 at $60.83. They gained 4.5% in the previous session.

Five boats believed to belong to Iranian Revolutionary Guards approached a British oil tanker on Wednesday and asked it to stop in Iranian waters close by, but withdrew after a British warship warned them over radio, a U.S. defense official said on Thursday.


Please Click On This Link & Add On Your Whats App:
https://wa.me/919627214242 (Click Here)

For Contact :
9627214242, 9858959020
Visit On

Tensions have been high in the Middle East after attacks on tankers and the downing of a U.S. drone by Iran last month, following President Donald Trump’s unilateral withdrawal from a multi-party agreement with Tehran to end its nuclear program.

U.S. oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output ahead of what could be one of the first major storms of the Atlantic hurricane season.

Fifteen production platforms and four rigs were evacuated in the north central Gulf of Mexico, according to a U.S. regulator as oil firms moved workers to safety ahead of a storm expected to become a hurricane by Friday.

Oil prices were also supported by a decline in U.S. inventories. U.S. crude stocks fell 9.5 million barrels in the week to July 5, the Energy Information Administration (EIA) said, more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output.

Leave a Reply

Your email address will not be published. Required fields are marked *