Metals News
Tension between the United States and Iraq intensifies supply concerns about a sharp rise in crude oil to its highest level since the end of May
Jun 21,2019
Source:Financial circles
The content below was translated by Tencent automatically for reference.

SMM News: June 21, Beijing time news, the deterioration of tensions between the United States and Iran intensified the market for Hormuz crude oil supply interruption fears, thus bringing a boost to crude oil prices, crude oil closed sharply higher in New York.

After Iran shot down a US drone, US President Donald Trump tweeted: "Iran has made a big mistake!"

David Madden, market analyst at CMC Markets, said: "Trump's speech pushed up the price of crude oil because of fears that Washington could take a tough stance on Iran and eventually hinder crude oil supplies through the Strait of Hormuz."

West Texas Intermediate crude (WTI) futures for July delivery rose $2.89, or 5.4%, to close at $56.65 a barrel on the New York Mercantile Exchange. According to Dow Jones Market data Agency, this is the highest closing price of spot WTI futures in the United States since the end of May. WTI futures also recorded their biggest one-day rise in the number of dollars and percentage gains since December.

August WTI futures rose $3.10, or 5.7%, to close at $57.07 a barrel.

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