06/17/2019, 10.24
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Middle East, US-Iran tensions boosting oil prices

Crude oil futures grow by 26 cents (+ 0.4%), setting at $ 62.27 a barrel. The WTI up by 17 cents (+ 0.3%) reaching 52.68 dollars. On June 13 prices were up by 4.5% after attacks on oil tankers in the Gulf. Singapore expert: concern over an escalation that leads to "military confrontation".

Tehran (AsiaNews / Agencies) - Tensions in the Middle East between Iran and the United States (together with the region's allies, including Saudi Arabia, Emirates and Israel) have led to a surge in oil prices. A growth strengthened in the last hours by the statements of US Secretary of State Mike Pompeo, according to which Washington is ready to take "all the measures" necessary to guarantee the safety of navigation in the region.

Words that follow the ayatollah Ali Khamenei’s refusal to dialogue with Trump during the meeting with Japanese Prime Minister Shinzo Abe, who are added to the naval incidents last week in the Gulf of Oman.

At the reopening of the markets, crude oil futures grew by 26 cents, for a value of 0.4%, setting at $ 62.27 a barrel. On 14 June they had increased by 1.1%. US West Texas Intermediate (WTI) crude oil futures recorded an increase of 17 cents (+ 0.3%) reaching 52.68 dollars per barrel. In the previous session they had registered a plus 0.4%.

On June 13 prices were up by 4.5% following attacks on the two oil tankers in the Gulf, near the Strait of Hormuz. This was the second incident in just over a month for an area of ​​strategic importance for the oil trade. The escalation of tension is increasingly worrying international diplomacies. At the origin of the Rising tensions between Iran and the United States are monopolising the international agenda and remain a source of fear among major world capitals.

US-Iranian tension were triggered by US President Donald Trump’s 2018 decision to pull out of the Joint Comprehensive Plan of Action (JCPOA) ​​agreed by his predecessor, Barack Obama, which was followed by the toughest sanctions in history against Iran.

"We don't want war. And we did everything possible to avert it, "said Pompeo in a TV interview. The Secretary of State then added that "new actions" are planned to "prevent Iran from doing so". Recently, Tehran has “Growing tensions in the Middle East remain a cause for concern as traders fear supply disruptions over an escalation towards militaristic conflicts,” said Benjamin Lu, an analyst at Phillip Futures in Singapore.  The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from Jan. 1. The pact ends this month and the group meets in coming weeks to decide the next move.

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