Oil prices rose after two oil tanker ships in the Gulf of Oman were attacked. US Crude Oil prices were up reaching around $52.5 per barrel, and international Brent Oil futures at $61.7 per barrel.
We have mentioned earlier this week that Oil prices were under pressure amid ongoing trade war tensions and over all Oil production after OPEC cut its forecast for Oil demand growth this year from 1.21 million to 1.14 million barrels per day.
Till this moment, it’s not determined who was responsible for this attack. The U.S. has accused Iran as a threat to the region and its stability, while an Iranian official declined this accusation and stated that Iran has nothing to do with this attack.
Investors turned to Safe haven instruments, primarily Gold as a result of yesterday’s events driving gold prices up early on this morning to reach $1347 per ounce.
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