Oil prices jump again after US move against Iran
After the market close, the global index rose by 96 cents (Photo: Getty Images)
On Tuesday, oil prices rose by 3% and continued to climb after the US revoked the license that allowed the sale of Iranian oil, reports Reuters.
As the agency writes, on July 7, Brent crude futures rose by $2.17 (+3.01%) – to $74.16 per barrel. However, according to the latest data, the price is already above $75 per barrel.
In addition, the price of US West Texas Intermediate crude also jumped, namely by $1.89 (+2.76%) – to $70.44 per barrel.
During after-hours trading, the global index rose by 96 cents to $75.12, while WTI crude jumped by $1.05, setting the price at $71.49 per barrel as of 3:00 PM Eastern Time.
What preceded this
Oil rose in price after the US revoked the general license that allowed the sale of Iranian oil.
The US action came after three tankers were attacked in the Strait of Hormuz on Tuesday, including a Qatari gas carrier. Qatar stated that the vessel was struck by an Iranian drone.
The US subsequently warned that Iran's actions in the Strait of Hormuz are completely unacceptable and will have consequences following the attacks on tankers in the strait.
