Middle East Tensions Drive Up Global Oil Prices

Dwi Hadya Jayani 24/07/2019 19:22 WIB

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Global oil prices are rising amid escalating tensions between the United States and Iran.

Global Oil Prices on the Futures Exchange

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Middle East Tensions Drive Up Global Oil Prices

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Global Oil Prices on the Futures Exchange

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Global oil prices strengthened amid rising tensions in the Middle East. On Wednesday (July 24th), West Texas Intermediate (WTI) crude oil futures for September delivery rose 0.55 percent to US$57.08 per barrel. Meanwhile, Brent crude strengthened by 0.23 percent to US$64 per barrel.

The International Energy Agency (IEA) is monitoring developments in the Strait of Hormuz to ensure the global oil supply remains available in the market. Tensions in the Middle East stemmed from Iran's seizure of a British oil tanker in the Strait of Hormuz, triggering disruptions to oil supplies.

Editor : Hari Widowati

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."