Oil price falls to lowest point in eight months August 7, 2019 The price of international oil standard Brent crude plummeted to its lowest point since the beginning of the year today as trade war worries gripped the market. The 3.2 per cent oil price drop came after a torrid week for markets, with prices down by around $8 since last Wednesday. Read more: Market correction pushes [...]
Market correction pushes up oil prices after Trump tariffs sparked rout August 6, 2019 Brent crude regained some of its losses today after taking a battering on international markets since last Wednesday. The price of the international standard had risen nearly one per cent by the mid afternoon London time, trading at $60.32. Read more: Iran seizes another tanker over fuel smuggling, state media reports It comes as the [...]
Britain will join US to protect ships from Iranian attack August 5, 2019 Britain plans to work with the US to ensure the safety of commercial ships passing through the Strait of Hormuz from Iranian attack, defence secretary Ben Wallace said today amid escalating tensions in the region. However the UK will not join US sanctions against Iran, Wallace said after President Donald Trump ripped up a nuclear [...]
Iran seizes another tanker over fuel smuggling, state media reports August 4, 2019 Iranian authorities have boarded another international oil tanker after weeks of tensions around one of the world’s most important shipping routes. The Revolutionary Guard said today that it had seized a tanker in the Persian Gulf on Wednesday night, according to Iran’s Press TV. “The foreign vessel was receiving fuel from other ships and was [...]
Oil prices bounce back after Donald Trump’s China tariffs send them plummeting August 2, 2019 Oil prices rebounded by around two per cent on Friday as they recovered some ground following the biggest falls in recent years on Thursday in the wake of US President Donald Trump imposing more tariffs on Chinese imports. As the trade war intensified, the price of World Texas Intermediate and Brent Crude suffered its steepest [...]
Oil prices lift as US Navy strikes down Iran drone in latest Gulf incident July 19, 2019 Oil prices spiked almost two per cent today as Middle East tensions ratcheted up after the US Navy struck an Iranian drone with a missile in the Strait of Hormuz. Brent crude oil rose 1.5 per cent to $62.88 while West Texas Intermediate (WTI) crude climbed one per cent to $56 after the attack. Read [...]
Iran urges UK to release seized oil tanker as tensions escalate July 12, 2019 Iran has demanded that Britain releases an oil tanker it seized last week on suspicion it was breaking EU sanctions by transporting oil to Syria. Read more: UK ‘on heightened security’ after Iran tried to block oil tanker “This is a dangerous game and has consequences,” Iran’s foreign ministry spokesman Abbas Mousavi said. “The legal [...]
Royal Navy blocks Iran efforts ‘to seize’ British oil tanker July 11, 2019 A Royal Navy ship has thwarted an Iranian attempt to seize a British oil tanker in the Gulf following the arrest of one of Iran’s own boats. Read more: UK issues warning as Iran breaches nuclear agreement HMS Montrose intervened when three Iranian Islamic Revolutionary Guard Corps boats attempted to block the British Heritage on [...]
Oil prices rise as stormy weather hits production July 10, 2019 Oil prices climbed higher today, passing the $65 per barrel mark for the first time in a week, as markets reacted to lower-than-expected US crude stocks and a brewing storm. International standard Brent crude had added more than 2.7 per cent by the mid-afternoon, while WTI, the US measure, was up nearly 2.8 per cent [...]
Iran made ‘very big mistake’ on drone attack: Trump sends oil prices soaring June 20, 2019 President Donald Trump has tweeted that Iran made “a very big mistake” in downing a US drone flying in international airspace, extending oil prices’ gains. The MQ-4C Triton drone was shot down over the Strait of Hormuz, south of Iran, according to Reuters. Read more: Oil prices surge after Iran downs US drone Reacting to [...]