Monday, 13 May 2019 18:11 WIB |
Oil prices climbed Monday after Saudi Arabia said two of its oil tankers were attacked near the Strait of Hormuz over the weekend.
Saudi oil minister Khalid al-Falih said through the country™s official press agency that there was significant damage to the two tankers, as those vessels tried to cross into the Persian Gulf early Sunday morning, local time, The Wall Street Journal reported.
West Texas Intermediate crude for June delivery rose 90 cents, or 1.5%, to $62.57 a barrel on the New York Mercantile Exchange, after a loss of 0.7% loss on Friday.
Global benchmark July Brent crude added $1.02, or 1.5%, to $71.68 a barrel on ICE Futures Europe. The contract ended modestly higher on Monday.
Perceived riskier assets such as stocks fell Monday on renewed trade tensions, after the U.S. and China failed to reach a trade deal on Friday and both sides appeared to dig in over the weekend. But oil was gaining as Middle East tensions appeared to ratchet up, posing a potential threat to global supply.
Source : Market Watch