empty
 
 

2019.06.2406:42:00UTC+00Oil Prices Edge Up As US-Iran Tensions Simmer

Oil prices rose slightly on Monday to extend gains from last week after U.S. Secretary of State Mike Pompeo said "significant" sanctions on Iran would be announced aimed at further choking off resources that Tehran uses to fund its activities in the region.

Meanwhile, U.S. President Donald Trump said on Sunday he was not seeking war with Tehran and is prepared to seek a deal to bolster Iran's flagging economy in an apparent move to defuse tensions.

Benchmark Brent crude edged up 0.2 percent to $64.56 a barrel while U.S. crude futures were up 0.9 percent at $57.95 a barrel.

Oil is also benefiting from a weaker U.S. dollar on expectations the Federal Reserve may cut interest rates soon to bolster the world's largest economy.

Brent jumped around 5 percent last week and WTI prices soared about 10 percent amid escalating tensions after Iran shot down a drone that the United States claimed was in international airspace and Tehran said was over its territory.

Trump called off planned military strikes against Iran saying that the likely deaths of 150 Iranians would have been out of proportion to the shootdown of an unmanned American surveillance drone.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback