mo4ch:>Brent crude recovers as military spat between US and Iran overshadows investors’ fears over storage exhaustion | Mo4ch News - Mo4ch News

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Thursday, April 23, 2020

mo4ch:>Brent crude recovers as military spat between US and Iran overshadows investors’ fears over storage exhaustion | Mo4ch News

The price of a barrel of Brent crude oil has climbed by more than nine percent to $22.25 (ICE) on Thursday amid renewed military tensions between the US and Iran.

Brent crude prices had fallen by more than 50 percent over the last week, reaching its lowest level since June 1999. The dramatic drop was due to concerns that crude storage tanks are running out of space.

On Wednesday, US President Donald Trump had warned that the US Navy would attack Iranian gunboats if they “harass our ships at sea,” reigniting fears of a conflict in the Persian Gulf.

West Texas Intermediate (WTI) had similarly plunged to a negative price for the first time in its history on Monday. The price has since recovered as well, growing to $15 per barrel (Nymex).

The global oil markets have been experiencing a glut due to a steep drop in demand amid the Covid-19 pandemic.

Also on rt.com Will Trump go to war with Iran to save America’s oil industry?

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Source : RT - Daily news

Brent crude recovers as military spat between US and Iran overshadows investors’ fears over storage exhaustion

Brent crude recovers as military spat between US and Iran overshadows investors’ fears over storage exhaustion