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Oil prices rebounded to above $ 70 a barrel on Monday as US crude posted its best gain in a day over more than a month, after four weeks of losses for the index. reference. first-child "/>
U.S. West Texas Intermediate crude ended Monday's session up $ 1.44, or 2.1%, to $ 70.13 a barrel. While the contract has risen in seven of the last ten previous sessions, it has not posted a gain of more than $ 1 a barrel since June 27th.
On Friday, the WTI had lost more than 7% over the past four weeks, heavy losses in a handful of trading sessions have wiped out a series of modest daily gains for the benchmark.
Brent's international benchmark delivery contract for September increased 83 cents, or 1.1%, to $ 75.12 per barrel before 14:08. AND. The September contract expires on Tuesday. Trade was heavier for the October contract, which is up 97 cents, or 1.3%, to $ 75.73
Prices were supported after the announcement by the company. Saudi Arabia to suspend oil deliveries in the Straits of Bab el-Mandeb. Yemen attacked a pair of oil tankers in the Red Sea. The Saudis lead a military coalition against the Houthis aligned with Iran for more than three years
The Eurasia Group believes that the attack on tankers "represents a serious escalation of the dynamics around the conflict in Yemen . "
"While the Houthi rebels likely possessed the ability to threaten Saudi cargoes in the Bab-al-Mandab Strait, their willingness to use it is the result of increasing tensions in the region," Ayham Kamel said. , head of the Middle East and North Africa group. "The attack was probably encouraged by Iranian leaders to demonstrate to the United States, to Saudi Arabia and to Israel that Iran and its allies retain an ability to respond to the attack. intensification of the war. "
The United States and Iran have recently embarked on a war of words, with Iranian officials threatening to grind oil exports into the busiest region of the world. for shipments of crude. Tension rises before the first of two deadlines next week for international companies to cut ties with Iran under new US sanctions
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