By Neanda Salvaterra WSJ Mon., May 13, 2019 Conflict—whether it’s between regional rivals in the Persian Gulf or corporate foes in the Permian Basin—is seeping back into the oil business. Oil prices shot upward Monday after Saudi Arabia said two of its oil tankers came under attack Sunday near the Strait of Hormuz, the waterway in and out of the Persian Gulf — a critical avenue for crude transportation. “The geopolitical risk premium increased over the weekend,” said consultancy Global Risk Management in a note. That became evident once markets opened in London this morning. Brent crude, the global oil benchmark, was up about 2% and West Texas Intermediate, the U.S. oil standard, was last up more than 1.5%. The attacks came days after the U.S. said it would heighten its military presence in the Persian Gulf to counter what it said is a growing threat from Iran. Saudi Arabia has pledged to help balance global oil markets as Washington tries to push Iran’s oil exports to zero. Until the weekend attacks, the oil industry had been transfixed by a very different confrontation: Occidental’s battle with Chevron to buy Anadarko, a melee Oxy won late last week for $38 billion,… Read full this story
- Oil price waiting for American institutions' decisions to break psychological barriers of USD 70 for Brent and USD 60 for WTI
- Oil prices rise on world markets
- Russian Energy Minister Says Current Oil Prices 'Acceptable'
- Saudi Arabian Energy Ministry Denies Plans to Ditch Dollar in Oil Trade
- Oil Prices Could Range Between $60 to $80 Over the Next Year
- Oil prices spike; Tech pressure; Warren Buffett's tip for Wells Fargo
- Shell profits fall on tumbling oil prices and weaker margins
- Fitch: Oil prices to be satisfactory for Azerbaijan
- Saudi, OPEC Officials Deny Speaking to Trump About Oil Prices
- Oil Prices Drop Despite Lingering Concerns Over Supply Disruptions
Oil Prices Jump After Attack on Saudi Tankers---Energy Journal have 311 words, post on www.thestar.com at May 13, 2019. This is cached page on Business Breaking News. If you want remove this page, please contact us.