Rising oil prices on global markets are driven by the tensions of Washington and Tehran

Economy and stock exchange

Oil prices on global markets rose on Tuesday, driven by a tense atmosphere between the United States and Iran. Brent crude futures were $ 72.18 a barrel, up 21 cents, or 0.3 cents, while US WTI futures traded at $ 63.41 a barrel, up 31 cents by 0.5 percent. % Compared to the previous closing price.

Prices have surged as tensions over the region escalated amid a war of statements between Washington and Tehran after US President Donald Trump threatened that Iran would face "enormous power" if it attacked US interests in the Middle East. Saudi Oil Minister Khalid al-Faleh , During an OPEC meeting in Jeddah last Sunday, on the existence of a consensus between OPEC and its allies to reduce stocks.

Last week witnessed a series of acts of sabotage targeting Saudi refineries and pipelines, as well as Arab and Saudi tankers off the coast of the UAE, which affected the oil prices significantly, in addition to the region's geopolitical tensions and regional escalation. The world oil markets are suffering from a shortage of oil supplies, while OPEC and its allies continue to cut supplies by 1.2 million bpd since last January to support prices.

During a meeting of the Organization of the Petroleum Exporting Countries [OPEC] in Jeddah two days ago, the remarks of Saudi Energy Minister Khaled Al-Faleh and his UAE counterpart Suhail Al Mazroui pointed to concern about the rise in global oil stocks. They stressed the efforts to ensure the stability of the markets under the tense conditions in the Gulf region and the East. Middle East, but with no impact on prices and industry economics.

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