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NewsBreak - Oil Prices Jump to Session Highs, Brent up 2%

Published 09/19/2019, 06:13 AM
Updated 09/19/2019, 07:16 AM
© Reuters.

Investing.com - Oil prices rose to their highest levels of the day on Thursday as comments by Iran’s foreign minister ramped up geopolitical tensions in the Middle East, while concerns remained over disruption to oil supplies out of Saudi Arabia.

  • U.S. crude oil WTI futures gained 1.6% to $58.99 by 6:04 AM ET (1005 GMT), while Brent jumped 2.2% to $65.02.

  • Iranian Foreign Minister Mohammad Javad Zarif suggested accusations that attacks on Saudi oil sites were "an act of war" may be aimed at deceiving U.S. President Donald Trump into a war against Tehran.

  • “Act of war"or AGITATION for WAR? Remnants of #B_Team (+ambitious allies) try to deceive @realdonaldtrump into war. For their own sake, they should pray that they won't get what they seek. They're still paying for much smaller #Yemen war they were too arrogant to end 4yrs ago”, Zarif tweeted.

  • Zarif told CNN that the Iranian response to a U.S. or Saudi military strike on the Islamic Republic would be "all-out war".

  • Oil prices were also underpinned following reports that Saudi Arabia asked Iraq for 20 million barrels of crude to supply domestic refineries, adding to doubts over whether the Kingdom will be able to return to full output this month following weekend attacks on key oil facilities.

    Latest comments

    Dear Lord. Looks like we're having a war. This is so sad
    Big boys needed a better entry. Now the show begins.
    Sounds like a whole bunch of lying going on. Good article.
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