Oil prices grow as Iran says it seized the foreign oil tanker

Oil prices boosted profits Thursday after Iran said it had caught a foreign tanker in the Persian Gulf, pushing higher geopolitical premiums after a short landing.

New York-brokered unpaid income grew by 30 cents, or 0.5 percent, to $ 57.08 a barrel from 8:13 am ET, while Brent’s unprocessed revenue, oil price index outside the US , reached 48 cents, or 0.8 percent, to $ 64.14.

Several media reports quoted Iranian state television as saying the Revolutionary Guard forces captured a foreign tanker with 12 crew members accused of smuggling oil.

The tanker was reportedly confiscated in the Strait of Hormuz, a key route for oil ships.

Oil prices have been under pressure this week this week partly from reports that the US and Iran could start talks soon after knocking down the recent Middle East tensions.

Ellen Wald, chair of Transverse Consulting and Investing.com contributor, noted the fact that the “simple opportunity” of the negotiations between Washington and Iran had pushed US oil down more than 3%.

“In general, it shows that without Iranian tensions, oil prices will be lower and the absence of war, prices are unlikely to grow much based on Iran’s situation,” she said.

Thursday’s oil gains were the first after three consecutive losses hearings due to several bearish factors beyond the Middle East.

The contribution to this hour of the week was the fact that Barry’s hurricane crossed without causing so much damage as he was afraid, and oil platforms began preparations to resume production.

This means that they will be able to contribute again relatively quickly to an American market that has been heavily supplied: data from the Energy Information Administration showed that, despite a slightly larger withdrawal than expected in inventories US crude last week, gasoline and distillation stocks grew.

In other energy trade, gasoline revenue went up 0.5% to $ 1.8881 a gallon from 8:15 ET, while heating oil rose 0.8% to $ 1.9075 in gallons.

Finally, natural gas revenues are traded 0.9% to $ 2,325 per million British thermal units./Investing.com

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