Mon. Oct 21st, 2019

Texas oil rises 2.2% after Iranian oil tanker



The price of Texas intermediate oil (WTI) rose 2.2% on Friday and closed at $ 54.70 a barrel, due to the fear of supply it generates among investors after an Iranian oil tanker attacks in the Red Sea.

At the end of live operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for November delivery totaled $ 1.15 compared to the previous session on Thursday.

US oil prices after knowing that an Iranian oil tanker was hit by several missiles near the Saudi city of Jeddah, causing a spill of oil into the Red Sea.

According to official Iranian media, the tanker, operated by the National Petroleum Company of Iran (NIOC), "suffered damage to the hull when it was hit by missiles 60 miles from the Saudi port of Jeddah."

The Iranian television website in English Press TV said that the technical experts aboard the NIOC vessel who were investigating the incident did not rule out "an act of terrorism."

According to that information, the explosion, which caused a fire, affected the hull of the vessel, causing serious damage to the two main deposits, which resulted in an oil spill in the Red Sea.

This incident sharpens the tension in the area, after joining the episode recorded on September 14, when a drone attack against two oil facilities owned by the state-owned Aramco company in Saudi Arabia reduced its crude oil production by 5.7 million barrels daily, which caused a rebound in oil prices.

In this context, gasoline futures contracts due in November rose just over a penny to $ 1.63 a gallon, and natural gas contracts expiring the same month barely moved from $ 2.21 per thousand cubic feet.

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