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US-ENERGY-OIL-PRICE
Oil prices rally amid simmering U.S.-Iran tensions
NEW YORK, July 24, 2019 (BSS/Xinhua) – Oil prices continued to rise on
Tuesday, as the market closely observed the latest development of U.S.-Iran
frictions, raising concerns over global oil supply.
Iran is in possession of intercontinental drones and will use them if the
need for a long-haul mission arises, Iran’s navy commander said on Tuesday.
Hossein Khanzadi said that “we can bravely declare that we observe all
enemy ships, particularly Americans, point-by-point from their origin until
the moment they enter the region.”
On the U.S. side, a U.S. warship may have downed more than one Iranian
drone last week, General Kenneth McKenzie, the head of U.S. Central Command,
told the media on Tuesday.
U.S. President Donald Trump announced the U.S. action last Thursday,
claiming that the Iranian drone was “destroyed” in the Strait of Hormuz, but
Tehran later denied the U.S. assertion.
The West Texas Intermediate for September delivery rose 0.55 dollar to
settle at 56.77 U.S. dollars a barrel on the New York Mercantile Exchange,
while Brent crude for September delivery gained 0.57 dollar to close at 63.83
dollars a barrel on the London ICE Futures Exchange.
BSS/XINHUA/HR/1335