NEW YORK, April 23 — Beaten-down US oil prices rallied yesterday following dramatic declines earlier this week, lifting global equities, even as American crude inventories surged closer to capacity levels. Futures for the benchmark West Texas Intermediate for June delivery jumped 19 per cent to...
The price surge yesterday came after US President Donald Trump threatened to shoot at Iranian boats in a key waterway for crude shipments after Washington accused its arch-foe of harassing its ships in the Gulf. — Reuters pic
The price surge yesterday came after US President Donald Trump threatened to shoot at Iranian boats in a key waterway for crude shipments after Washington accused its arch-foe of harassing its ships in the Gulf. The petroleum industry has emerged as one of the most vulnerable sectors of the global economy as shutdowns to limit the spread of coronavirus have a devastating impact on demand for oil.
The order came one week after 11 small armed Iranian Revolutionary Guards Corps speedboats swarmed around six US Navy and Coast Guard ships in international waters in the northern Gulf. The Gulf is a major gateway for oil to reach international markets, and previous spikes in tensions between US and Iranian vessels have seen crude prices similarly surge higher. But geopolitical tensions won’t have a lasting impact if crude storage facilities are full.
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