Oil Wraps up Strong Weekly Gain with No Progress Toward Middle East Peace (USO:NYSEARCA)

Oil inches toward $90 on tanker attacks, lack of progress in Iran war peace deal

Crude oil futures experienced an upward trend on Friday due to disruptions from tanker attacks and the stagnation of peace talks. Brent crude closed at $88.52 a barrel while WTI crude settled at $82.40. Attacks within the Strait of Hormuz and disruptions at a Russian port led to a decline in shipping activity. Fortunately, storage levels have proven more resilient, potentially exerting downward pressure on prices.

Oil wraps up strong weekly gain with no progress toward Middle East peace (USO:NYSEARCA)

Crude oil rose as the lack of movement toward settling the dispute over the Strait of Hormuz and the hardening of positions by the US and Iran dashed hopes of a quick end to the conflict.

Oil climbs over US$1 on tanker attacks, no progress on peace

Crude oil futures climbed over US$1 a barrel on Friday (Aug 14) on tanker attacks and a lack of progress on a peace agreement between the Trump administration and Iran’s leadership. Read more at The Business Times.