Oil prices rise as Middle East tensions simmer
Updated : June 24, 2019 07:58 AM IST
Brent futures were up 37 cents, or 0.6 percent, at $65.57 a barrel by 0044 GMT. West Texas Intermediate crude was up 43 cents, or 0.8 percent, at $57.86 a barrel.
US Secretary of State Mike Pompeo said “significant” sanctions on Iran would be announced on Monday aimed at further choking off resources that Tehran uses to fund its activities in the region.
Amid the escalating tensions Brent racked up a gain of about 5 percent last week, its first weekly gain in five weeks, and WTI jumped about 10 percent, its biggest weekly percentage gain since December 2016.
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