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7/22, 8:37 AM (Source: TeleTrader)
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Oil climbs on tanker seizures amid Iran crisis

Fossil fuel prices were substantially higher on Monday as trade resumed after a turbulent weekend in the Middle East. Iran seized a British-run, Swedish-owned oil tanker, prompting the promise of a "robust" response from Jeremy Hunt, the United Kingdom's secretary of state for foreign and Commonwealth affairs. The Telegraph wrote, citing unnamed sources from British intelligence agencies, that terror cells supported by Iran are "ready to strike" targets in the UK, apparently in connection with the crisis.

Other reports indicated the government in London could roll out sanctions against the Islamic Republic. Iran said that the speed of its investigation into alleged breaches by the vessel would depend on the cooperation of its crew. Of note, its forces detained and released an Algerian tanker two days ago, while on the same day its own tanker Happiness 1 was returned by Saudi Arabia after its engine broke down in April.

West Texas Intermediate oil for delivery in September jumped 1% to $56.32 per barrel at 8:26 am CET. Brent for settlement also in the said month advanced 1.46% to $63.38 for one barrel.

Breaking the News / IT