U.S. Navy Strikes Drone, Causes Oil To Jump – 19 July, 2019

The U.S. Navy destroyed an Iranian drone at a major global oil checkpoint, stating that it was a threat to the vessel, causing oil prices to rise roughly 2%. International Brent crude futures rose by 2.1% or $1.28 cents to $63.21 after falling 2.7% the previous day, on target for an over 5% weekly drop.  West Texas Intermediate Crude futures were up 1.8% or 97 cents to $56.27 per barrel, dropping 2.6% the previous session, on track for an over 6% weekly drop.