Oil Prices Rise as US Oil Reserves Fall

US-EU Talks

US-EU Talks

Today's saber-rattling between US and Iran is all but ignored by traders.

In May, Trump chose to withdraw from a landmark 2015 agreement between Tehran and global powers that restricted Iran's nuclear program in exchange for sanctions relief.

An Iranian military commander said on Thursday that Donald Trump should address any threats against Tehran directly to him, and mocked the USA president as using the language of "night clubs and gambling halls".

On Monday, Trump said in a tweet responding to comments from Rouhani: "Never, ever threaten the United States again or you will suffer consequences the likes of which few throughout history have ever suffered before".

In the past, Trump's twitter rants have managed to rattle the confidence of investors, causing an immediate impact on the stock market.

Today $68.25 is a very crucial trading level and crude oil can stay bullish above this level to target $69.45 and $70.25.

Meanwhile, Rouhani warned the USA that conflict with Iran would be the "mother of all wars", and to stop pursuing hostile policies against the Persian Gulf state including threatening its oil exports.

Gold Hourly
Gold Hourly

South Korea also imported more crude from alternative sources such as Kazakhstan, the U.S. and Mexico. "I believe that this is also playing a part in why the prices are up".

Brent for September settlement advanced 31 cents to $73.75 a barrel on the London-based ICE Futures Europe exchange.

Despite contentions that it isn't significant to overall inventory, a massive drop in US stockpiles calmed fears of oversupply and caused crude prices to surge upward on Wednesday, with West Texas Intermediate rising 78 cents to $69.30 and Brent climbing 49 cents to $73.93 per barrel.

Trump responded with an all-caps tweet warning Iran about making threats. The dispute curbed gas flows to shore, but stored crude was expected to mitigate any oil supply disruption.

Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear programme pushed it to the 7th spot in the subsequent years. Iran has threatened to stop shipments from passing through this narrow opening if US sanctions get passed.

Iran has been under increasing pressure from the United States, with Trump's administration pushing countries to cut all imports of Iranian oil from November.

An Iranian senior official said his country has "many options" against the US pressures to cut its oil revenue, Financial Tribune reported Tuesday.

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