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LONDON – Oil Futures Rise On Both Sides Of The Atlantic Since Increasing Tensions Between The United States And The OPEC Member countered the growing concern that trade protectionism will hurt economic growth.
To the foregoing were added reports of a 1945 strike of 40 workers on three oil and gas platforms in the British North Sea. The conflict has reduced the flow of gas to the coast, but it is expected that the stored oil will mitigate any disruption of supply.
Concerns were also expressed about the impact on global economic growth and energy demand from the escalating trade dispute between the United States and its trading partners.
Brent Barrel September delivery rose 0.74% to $ 73.61 on the London ICE futures market.
While the WTI light oil reference in the United States rose 1.07% in September $ 69 on the New York Mercantile Exchange
The August contract, which expired Friday, has ended with a 1.4% rise to $ 70.46 a barrel.
President Donald Trump, who seeks to smother Iran's crude exports, warned of serious "consequences" if the Islamic Republic threatens the United States, following a warning against the American aggression of his counterpart Hbadan Rouha ] ni.
US oil fell about 8% from the three-year high reached earlier this month, fearing that the escalating trade dispute between the United States and China would hurt economic activity and depresses the demand for fuels. This offsets a series of supply risks, from Libya to Venezuela and the impending US sanctions against Iran.
Supreme Leader of Iran Ayatollah Ali Khamenei, approved a suggestion on Saturday. President Hbadan Rouhani to block oil shipments across the Persian Gulf if their exports are stopped.
Iranian authorities reacted to the threat of US sanctions after President Donald Trump withdrew in May from a multinational trade agreement with Tehran in exchange for a pledge to halt the development of nuclear weapons.
With information from Reuters and Bloomberg.
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