Oil surges on conflict concerns

14 June, 2019

The oil price has continued to rise in today’s trading session after yesterday’s gains on the back of attacks on two oil tankers in the Gulf of Oman raised concerns that a war between the US and Iran may be in the making.

The Iranians have been fingered as possible suspects behind the attacks which threatens to disrupt or even block the transit of oil through one of the most important waterways and ultimately drive up the price.

“We have people of every nationality and vessels of every flag transiting that crucial sea lane,” said Paolo d’Amico, chairman of International Association of Independent Tanker Owners. “If the waters are becoming unsafe, the supply to the entire Western world could be at risk.”

The threat of war has now dramatically escalated with US secretary of state Mike Pompeo squarely laying the blame on Iran for the attacks basing evidence on previous incidents and now it remains to be seen how the US will respond

“This assessment is based on intelligence, the weapons used, the level of expertise needed to execute the operation, recent similar Iranian attacks on shipping and the fact that no proxy group operating in the area has the resources and proficiency to act with such a high degree of sophistication.” Pompeo said.


Source link  
Oil awaits Fed decision

The Oil price was trading lower again yesterday on Monday, weighed down by worries about the current state of economic growth, and some major...

Gold need to hold this level

The gold price is now trading at its lowest level since the start of the year and is now consolidating around the $1275 mark and according to one...

Gold faces key moment

The gold price has remained above the $1300 mark in today's trading session after breaking this important level yesterday and today's outcome...


US dollar down on dovish Fed

As predicted yesterday, the Fed kept interest rates on hold but the following monetary statement was much more dovish than analysts had predicted...

Gold needs some big news

The gold price is under further pressure in today's trading session as investors ponder the chances of another rate hike from the US Federal Reserve after the release...

Good news for the precious metal

Gold just got another reason to cheer after the latst minutes meeting from the US Federal reserve where the tone left many analysts predicting that...


Gold to stay above $1300

The gold price has recovered strongly over the past 3 trading sessions after coming perilously close to touching the $1300 mark and...

Oil price hinges on trade talks

Oil is down once again in today's trading session as investors and the market alike remain divided on the future direction of the price with a lot...

Oil needs Opec cuts

The latest tumble in the oil price has now reached gigantic levels, almost equaling the declines reached during the global financial crisis and according to some analysts, we may...

  


Share it on:   or