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Oil prices fall despite increased tensions in the Middle East at Investing.com



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Investing.com – The oil price fell Friday in Asia despite increased tensions in the Middle East due to the seizure of an Iranian oil tanker by the British Royal Marines.

U.S .. was down 1% to $ 56.77 at 1:15 ET (05:15 GMT). Internationally, it was down 0.03% to $ 63.29.

It was reported that the British Royal Marines helped the Gibraltar authorities to take the ship on the basis of evidence that it traveled to Syria in violation of EU sanctions. The news increased the tension in the Middle East and could potentially interfere with the offer.

Iran's Foreign Ministry called for the British Ambassador to vote "his very strong objection to the illegal and unacceptable attack" of the ship.

"This is the first time the EU has done something so public and so aggressive. I think it was also somehow coordinated with the United States given that NATO member nations have been involved," said Matthew Oresman, a partner of law firm Pillsbury Winthrop Shaw. Pittman, in a CNBC report.

"This is likely to be a signal to Syria and Iran ̵

1; as well as the United States – that Europe takes sanctions enforcement seriously and that the EU can also respond to Iranian brinkmanship in connection with ongoing nuclear negotiations. "

US US security advisor John Bolton said British traits were" good news. "" America and our allies will continue to prevent Tehran and Damascus regimes from exploiting this illegal trade, "said Bolton on Twitter.

Despite news, oil prices were down today due to concerns about economic growth and weakening demand, analysts say.

"Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC + agreement will keep prices from falling too hard, but trade protection must end to ensure that the demand for energy products is restored."

Earlier this week, the organization of the petroleum exporting countries and its allies, a group known as OPEC +, agreed to expand production cuts until March 2020.

On Wednesday, the energy management administration heard that the raw materials fell 1.1 million. barrel in the week ending June 28, below expectations of a draw of around 2.96 million barrels.

The data came after the American Petroleum Institute's own report, released late Tuesday, showed that the inventory fell by a larger 5 million barrels last week.

This suggests that US oil demand, the world's largest raw consumer, could slow down due to signs of a weakening economy.

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