US oil reaches its highest level in more than a month after the storm in the Gulf of Mexico and tensions in Iran

TOKYO (Reuters) – US oil futures hit their highest level in more than a month on Thursday, as a potential hurricane threatened crude oil production in the Gulf of 39. An incident involving a British oil tanker in the Middle East highlighted the tensions in the country.

WTI futures (West Texas Intermediate) rose 11 cents to $ 60.54 per barrel at 00:55 GMT, after reaching their highest level since May 23 at $ 60.63. They gained 4.5% in the previous session.

Futures contracts on Brent fell 5 cents, or 0.1%, to 66.96 dollars a barrel, after finishing Wednesday up 4.4%.

Five boats belonging to Iranian Revolutionary Guards approached a British oil tanker on Wednesday and asked it to stop in Iranian waters, but withdrew after a British warship warned them by radio, announced Thursday a US defense official.

Tensions are high in the Middle East after tanker attacks and the crash of an American drone by Iran last month, following the unilateral withdrawal of President Donald Trump from a multi-party agreement with Tehran to end to its nuclear program.

US oil producers cut close to a third of crude oil production in the Gulf of Mexico on Wednesday. What could be one of the first major storms of the Atlantic hurricane season has threatened offshore oil production and started to soak Louisiana under heavy rains.

Fifteen production platforms and four rigs have been evacuated in the central north of the Gulf of Mexico, according to a US regulator, while oil companies have put workers safe before the storm that is expected to turn into a hurricane. here Friday.

Operations at the Louisiana offshore oil port, the only US port where larger tankers can load and unload, were normal Wednesday morning, a spokeswoman said.

The decline in US inventories is also a supportive factor for oil prices. According to the Energy Information Administration (EIA), US crude oil inventories fell 9.5 million barrels during the week of July 5, more than triple the 3.1 million barrels forecast by badysts as refineries increased production.

"There is nothing better than an early start to the hurricane season to support oil prices, but if we rely on the EIA data, that's gives an even better picture of the US oil markets, "said Stephen Innes, managing partner of Vanguard Markets in Bangkok. .

"Imports are falling, exports are likely to rise and refineries use annual highs," he said.

Inventories have declined for four consecutive weeks, according to EIA, and this week's official data follows similar estimates released on Tuesday by the American Petroleum Institute, which reported a sharp drop in stocks of 8.1 million barrels.

(GRAPHIC – US crude stocks, weekly changes since 2017: tmsnrt.rs/2XlX17b)