Oil prices rise from Friday after Iran seizes UK tanker

Brent crude futures rose by 33 US cents, or 0.53% to US$63.17 as of 0130 GMT, adding to Friday’s gain of 0.9%.

Oil prices extended gains on Monday (July 22, 2019) following the price rally on Friday after Iran heightened tensions in the Middle East by seizing a British tanker in the Straits of Hormuz.

Brent crude futures rose by 33 US cents, or 0.53% to US$63.17 as of 0130 GMT, adding to Friday’s gain of 0.9%.

West Texas Intermediate (WTI) crude futures gained 0.70% or 39 US cents, at US$56.02.

Oil prices spiked higher on Friday after Iran’s Revolutionary Guards said they have captured a British-flagged oil tanker in the Gulf as well as a Liberian-flagged vessel along an important international oil shipping route. Earlier this month, Britain was reported to have seized an Iranian tanker suspected of smuggling oil to Syria.

Iranian news agencies later suggested that the Liberian-flagged vessel was subsequently released, according to a report from the Financial Times.

Britain’s prime minister Theresa May will be chairing a meeting today with the country’s emergency response committee to discuss the crisis on their captured tanker.

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