Iran's elite Revolutionary Guards (IRGC) are "highly likely" to have facilitated attacks last Sunday on four tankers including two Saudi ships off Fujairah in the United Arab Emirates, according to a Norwegian insurers' report seen by Reuters. Iran's foreign ministry on Friday rejected accusations by Saudi Arabia that Tehran had ordered an attack on Saudi oil installations claimed by Yemen's Iran-aligned Houthi militia. "Despite what we view as a balanced oil market both domestically and globally, oil pricing is apparently still sensitive to evolving developments in the Persian Gulf where occasional minor military events are slowly cranking up geopolitical risk premium," said Jim Ritterbusch, president of Ritterbusch and Associates. Ĭhinese media took a hardline approach to the tariff dispute between the Washington and Beijing, saying the trade war will only make China stronger and will never bring the country to its knees. equity markets due to fears over global economic growth amid the escalation of a trade war between the world's top economies. Oil prices came under pressure on Friday from seesawing U.S. West Texas Intermediate crude fell 11 cents to end the session at $62.76, and gained about 1.7% on the week. The global benchmark notched a weekly gain of about 2%, having ended last week largely steady and fallen the week before. sanctions on Iran have already cut the OPEC member's crude exports further in May, adding to supply curbs implemented through an OPEC-led pact for the first six months of the year.īrent crude fell 41 cents, or 0.6%, to settle at $72.21 a barrel. sanctions and salvage a nuclear deal denounced by President Donald Trump. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran, while its top diplomat worked to counter U.S. Iran said on Friday it could "easily" hit U.S.
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