Oil rises amid uncertainty over shipping prospects through Hormuz
Oil tanks
Oil prices rose during trading today, Aug. 19, amid uncertainty over whether Washington and Tehran could reach an agreement to resume shipping through the Strait of Hormuz, at a time when the temporary ceasefire agreement between the two sides had expired.
This came after US President Donald Trump confirmed that there were no ongoing talks with Iran, stressing that the Strait of Hormuz was open to navigation, which contradicts Iranian statements that the vital waterway would remain closed, Reuters reported.
Data from the American Petroleum Institute showed a decline in US crude inventories, while markets await official data from the Energy Information Administration later today, amid expectations of a slight increase in inventories.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
91.52 |
0.50 |
0.55% |
|
WTI (September delivery) |
85.47 |
0.53 |
0.60% |
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