Monday's oil price rose above the $ 70 a barrel mark, with US crude oil prices posting their highest one-day dollar gain in more than a month after the benchmark suffered losses for four weeks [19659002 div> div.group> first child "/>
U.S. Pat. West Texas Intermediate crude ended Monday's session at $ 1.44, or 2.1 percent, at $ 70.13 a barrel. While the contract has risen in seven of the last 10 sessions, he has not posted a profit of more than $ 1 a barrel since June 27.
Starting Friday, WTI has fallen more than 7 percent in the last four weeks as heavy losses in a handful of trading sessions erased a series of modest daily gains for the benchmark.
The contract for delivery of Brent Crude's international benchmark for September was 83 cents, or 1.1 percent, at $ 75.12 per barrel at 14:08. ET. The September contract expires on Tuesday. Trading was heavier for the October contract, which rose 97 cents, or 1.3 percent, to $ 75.73.
Prizes received support after Saudi Arabia announced it was stopping oil supplies through critical Bab El Mandeb Strait for Houthi rebels Yemen attacked a couple of oil tankers in the Red Sea. The Saudis have been leading a military coalition against the Iranian-oriented Houthis for more than three years
Eurasia group risk consultation says the attack on the tankers "represents a serious escalation of momentum around the Yemen conflict."
While the Houthi rebels were likely to have long been able to threaten Saudi oil supplies in Bab al-Mandab, their willingness to use them is the result of rising tensions in the region, "Ayham Kamel said. Head of the Middle East and North Africa Eurasia Group said in a research note using an alternative spelling for the Strait.
"The attack was likely encouraged by the Iranian leadership to demonstrate to the US, Saudi Arabia and Israel that Iran and its allies have the capacity to respond to an intensification of economic, political and military pressures. "
The United States and Iran have recently waged a war of words, with Iranian officials threatening to grow oil exports in the world's busiest region for raw shipments, and tension is rising for international companies ahead of the first of two next week's appointments. to reduce relations with Iran under renewed US sanctions.