Middle East Tension Causes Oil Prices To Rise – 13 June, 2019

Oil prices rose for a second day following the attacks on two oil tankers in the gulf of Oman, disrupting deliveries on one of the worlds most important routes for shipments. International Brent crude futures were 0.8% and 50 cents higher to $61.81 per barrel, settling 2.2% on Thursday. U.S. West Texas Intermediate crude futures jumped 0.4%  21 cents to $52.49 per barrel, having ended the previous session 2.2% higher. Since U.S. President Trumps involvement in targeting Iranian imports, tensions have continued to build in the Middle East. OPEC cut growth forecasts for global oil demands, brought on by ongoing trade disputes, adding to their desire to continue to restrain supplies for the remainder of the year.