6/24, 8:52 AM (Source: TeleTrader)
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Crude prices climb as Middle East tensions rise

Crude oil futures were higher on Monday on the back of fresh tensions in the Middle East. United States President Donald Trump ordered a retaliatory attack on Iran after the downing of an American surveillance drone near the Strait of Hormuz. However, he said he backed down from the proposed strike in favor of new sanctions against Tehran, set to be announced later in the day.

US Secretary of State Mike Pompeo said on Sunday he wants to build a global coalition against Iran as he left for the Middle East. "We’ll be talking with them about how to make sure that we are all strategically aligned, and how we can build out a global coalition, a coalition not only throughout the Gulf states, but in Asia and in Europe, that understands this challenge as it is prepared to push back against the world’s largest state sponsor of terror," he stated.

Brent futures for August settlements climbed 0.67% at 8:25 am CET to sell for $64.93 per barrel, while West Texas Intermediate for August delivery leaped 1.08% to go for $58.15 a barrel.

Breaking the News / JC