7/19/2019, 8:39 PM (Source: TeleTrader)
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Oil jumps 1% after Iran seizes British tanker

Crude futures surged 1% on Friday after Iran's Revolutionary Guards (IRGC) said they captured British oil tanker Stena Impero in the Strait of Hormuz, claiming the vessel violated international law.

The Islamic Revolutionary Guards Corps noted it turned the vessel to maritime authorities for inspection, while the United Kingdom Defense Ministry said it is "urgently seeking further information and assessing the situation." Stena Bulk, the company which owns the seized ship, confirmed the vessel was "approached by unidentified small crafts and a helicopter" while it was passing the Strait of Hormuz and claimed Stena Impero was in international waters at the time. The company added it could not establish contact with the ship.

Brent for deliveries in September jumped 1.03% to sell for $62.53 per barrel at 2:28 pm ET and West Texas Intermediate (WTI) climbed 0.85% to go for $55.77 at the same time.

Breaking the News / NP