Oil Rises Again On Tension Fuelled By Tanker Attacks
Muhammad Irfan Published June 14, 2019 | 08:31 PM
Oil prices rose again Friday in reaction to geopolitical tension, building on the previous day's surge sparked by suspected attacks on two tankers in the Gulf of Oman
The US government blamed Iran for mysterious explosions on the tankers, and there were growing fears that Iran could close the Strait of Hormuz, a major choke point for world oil shipments.
Despite a potentially disastrous standoff between the two foes, oil traders were "not getting carried away", said Craig Erlam, senior market analyst at OANDA.
Prices jumped by more than four percent at one stage on Thursday as reports of the attacks in the Gulf of Oman flashed onto traders' screens.
- 'Not risen too much' - "Oil prices may have spiked following the attacks but they have not risen too much considering the risk that an escalation poses," said Erlam.
"Perhaps this is a sign of how pressured oil prices are to the downside at the moment, with the US pumping at record levels and the global economy slowing." The International Energy Agency said earlier Friday that tepid growth in demand for oil along with ample supplies from non-OPEC countries will complicate efforts by the cartel and its allies to boost prices.
In its monthly report, the agency cut its forecast for demand growth this year for the second month straight -- and trimmed its second quarter forecast aswell.
Recent Stories
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
More Stories From World
-
The Myanmar 'water brothers' salvaging shipwrecks on the tide
8 minutes ago -
Togo's legislative elections: What is at stake?
18 minutes ago -
US Supreme Court to hear Trump immunity claim
38 minutes ago -
Blinken calls for US, China to manage differences 'responsibly'
1 hour ago -
Norway oil giant Equinor's profit falls on lower gas prices
1 hour ago -
N. Macedonia's right-wing presidential candidate wins 1st round
1 hour ago
-
Vietnam court jails soft drinks tycoon in $40 million scam case
1 hour ago -
The guardian angels of the source of the Seine
2 hours ago -
Star Dudamel brings inclusive vision to New York Philharmonic
3 hours ago -
Paris dream of swimming in the Seine finally within reach
3 hours ago -
Portugal's Carnation Revolution, 50 years on
3 hours ago -
Tough times for Argentine factories as consumers penny-pinch
3 hours ago