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Oil prices rise after the U.S. Navy destroyed an Iranian drone

cde.news desk 19 July 2019, 05:43 · 1 min read

epa07537841 Gas pumps are seen at a gas station in Kwun Tong, Kowloon, Hong Kong, China, 30 April 2019. Hong Kong's Legislative Council Panel of Economic Development has called on the Hong Kong Competition Commission to investigate claims by the public that big oil companies are colluding with each other by acting as a cartel that charges identically high prices at petrol pumps across the city, even down to the nearest cent. Lawmakers have also pointed to constantly steady or rising fuel prices in Hong Kong despite fluctuations in the international price of oil over the last few years. EPA-EFE/ALEX HOFFORD

Oil prices rose more than 1% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising tensions in the Middle East.

Brent crude futures were up 82 cents, or 1.3%, at $62.75 by 0100 GMT. They closed down 2.7% on Thursday, falling for a fourth day.

West Texas Intermediate crude futures firmed 61 cents, or 1.1%, at 55.91. They fell 2.6% in the previous session.

The United States said on Thursday that a U.S. Navy ship had “destroyed” an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone.

The move comes after Britain pledged to defend its shipping interests in the region, while U.S. Central Command chief General Kenneth McKenzie said the United States would work “aggressively” to enable free passage after recent attacks on oil tankers in the Gulf.

Via Reuters

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Oil prices rise after the U.S. Navy destroyed an Iranian drone

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