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6/14, 5:46 PM (Source: TeleTrader)
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Oil rises 1% amid tensions over tanker attacks

Crude futures jumped over 1% higher as concerns following an attack on two oil tankers in the Gulf of Oman outweighed the International Energy Agency's (IEA) forecast of larger oil supply next year. The United States accused Iran of being behind the attack on the Norwegian and Japanese tankers but Tehran denied the allegations and called the incident "suspicious."

Earlier in the day, oil prices traded lower after the IEA said in its monthly report that it expects global oil supply to substantially surpass the global demand in 2020. Meanwhile, market watchers also kept an eye on trade developments and awaited the Baker Hughes US oil rig count due for release later in the day.

Brent for August delivery climbed 1.30% to sell for $62.04 per barrel at 11:31 am ET and West Texas Intermediate (WTI) for settlements in July rose 0.90% to go for $52.63 per barrel at the same time. However, crude prices remained over 3% down for the week on fears trade tensions between the US and other countries will affect global demand.

Breaking the News / NP