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13.08.2012 15:51

Oil prices rose amid tensions in the Middle East

Crude oil futures rose on fears that rising tensions in the Middle East will cause a failure in the supply of the region, which accounts for about one-third of world production.

Also, the increase in oil prices has affected the information that Israel plans to introduce a national system of text messages to alert the public of the dangers that can arise in an attack on Iran. At the same time, Iran has threatened to close the Strait of Hormuz, which is the jumping-off point for about 20% of oil in the world, since July 1 the European Union imposed sanctions on Iranian oil.

Today, oil prices rose to a level of $ 115 per barrel, which was the first time in over the last three months. Also, the price continues to influence the news that due to the slowdown in global economic activity has reduced the International Energy Agency forecast oil demand in 2013 to 400,000 barrels a day.

Tension also added a statement by Israeli Prime Minister Benjamin Netanyahu, who said that most of the threats to the security of Israel was dwarfed by the prospect that Iran could acquire nuclear weapons.

In connection with this situation, many analysts predict that the upward trend for oil will continue this week.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now at $ 92.40 a barrel.

September futures price for North Sea Brent crude oil mixture is now $ 113.54 a barrel on the ICE Futures Europe Exchange.

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