8/5, 6:24 AM (Source: TeleTrader)
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Oil trades higher with focus on tanker incident

Crude futures traded with gains on Thursday as investors focused on the tensions in the Middle East following an attack on a tanker in the Gulf of Oman.

Israel, the United Kingdom and the United States blamed Iran for last week's attack on the Panama-flagged Asphalt Princess tanker, while Tehran has denied the allegations and called the incident "completely suspicious." Meanwhile, the oil price gains were somewhat capped by a reported jump in US crude stockpiles.

International benchmark Brent for settlements in October increased by 0.34% to go for $70.62 per barrel at 12:09 am ET and West Texas Intermediate (WTI) for September delivery gained 0.43% to sell for $68.44 per barrel at 12:03 am ET.

Breaking the News / NP