oil

Oil prices rise amid geopolitical tensions

MNA Business Desk: Oil prices climbed on Friday as tensions over Iran came under the spotlight. A senior Iranian official said Friday that Iran should seize a British oil vessel in case London refuses to release the Iranian oil tanker, Press TV reported.

On Thursday, British Royal Marines in the Strait of Gibraltar seized an Iranian ship which was heading to Syria “in breach of EU sanctions,” according to media reports.

Tensions in the Middle East eased market worries over oversupply and supported oil prices.

The West Texas Intermediate for August delivery increased 0.17 dollar to settle at 57.51 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.93 dollar to close at 64.23 dollars a barrel on the London ICE Futures Exchange.

The U.S. market was closed on Thursday for Independence Day holiday.

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