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7/19, 1:00 PM (Source: TeleTrader)
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Oil climbs on military tension between US, Iran

Industrial producers and market participants took crude from one-month lows on Friday in a buying wave after the United States yesterday claimed it shot an Iranian drone in the Strait of Hormuz. The alleged defensive action by USS Boxer was denied by the government in Tehran, which asserted all its unmanned aerial systems are in order. Iran even said the aircraft that US President Donald Trump said was destroyed is accounted for and that it returned safely.

The Persian Gulf has seen militarization in the past months as the administration in Washington is determined to squeeze the Middle Eastern country with sanctions including measures against its oil exports. Skirmishes, sabotage and seizure of tankers have, however, failed to lift prices substantially amid downward pressure from negative revisions to the global economic outlook and to the growth in demand for the energy commodity.

West Texas Intermediate for delivery next month was looking to snap a five-day losing streak. It jumped 1.23% to $55.98 per barrel at 12:48 pm ET. International benchmark Brent for settlement in September, which has ended four sessions in a row in the red, rallied 1.57% to $62.9 for one barrel.

Breaking the News / IT