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7/18, 1:03 PM (Source: TeleTrader)
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Oil jumps after incident in Persian Gulf

A buying wave lifted benchmark prices of crude on Thursday as investors and corporate consumers showed concern about the possibility of supply disruptions. Following several incidents in or near the Strait of Hormuz amid disputes between the United States and Iran, the Middle Eastern country claimed it captured a fuel tanker on July 14 for smuggling.

Recent reports have indicated a ship Riah, which bears Panama's flag, crossed into Iran's waters on that day and that there was no more signal. The vessel is owned by a Singaporean firm but it is run by Prime Tankers from the United Arab Emirates.

West Texas Intermediate for settlement next month gained 0.81% to trade at $57.24 per barrel, looking to snap a streak of four sessions in the red. Brent for shipment in September jumped 1% to $64.3 for one barrel.

Breaking the News / IT