With Saudi attacks rising and oil prices

Oil prices rose as Saudi Arabia said two oil tankers were attacked Sunday near the Persian Gulf, adding tensions in the region as the US abandoned Iranian oil exports.

Gross income traded by London grew by 1.8% to $ 71.92, an increase of $ 1.84 from their last term.

US oil prices rose 1.6% to trade at $ 62.6 from 08:48 ET, up $ 1.00 from their previous settlements.

Saudi Arabia’s state news agency said it had “significant damage” to two tankers as a result of “a sabotage attack,” and strongly emphasized that the kingdom doubts Iran to be behind them.

The escalation in the Middle East tensions posed a threat to the global supply of oil.

The attacks come a week after the United States sent a nuclear missile to the Gulf to help impose a blow to Iranian oil exports. Saudi Arabia has angered Iran by offering to make any weaknesses in supplies to traditional customers of the Islamic Republic.

After China announced plans to raise tariffs to US $ 60 billion in US imports, trade tensions also remained in focus in response to new US $ 200 billion Chinese goods tariffs, which came into effect on Friday morning.

Trade negotiations between Beijing and Washington seem to have been blocked after failing to reach a deal on Friday, with both parties digging and China seems to ignore President Donald Trump‘s warning that they would suffer if they would retaliate.

In the 3-month period of 2019, the United States and China together accounted for 34% of the global oil consumption, according to data from the International Energy Agency.

Separately, in an early output indicator, US energy companies last week lowered the number of oil equipment operating for the third time in four weeks.

Power utility firm Baker Hughes in his closely followed report on Friday said “Drillers has cut two oil rigs per week until May 10, bringing the total to 805”.

Platform control has dropped over the past five months as independent exploration and manufacturing companies have cut spending on new drilling./Investing.com

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