OIL PRICES

 

Middle East Turmoil Pushes Prices Upward

Continuing turmoil in the Middle East is seen as the cause for last week’s rally in crude oil prices as traders fear that Iran may make some attempt to disrupt tanker traffic in the Strait of Hormuz. The price of WTI settled at $92.66/B on 19 July, while Brent closed at $107.80/B, reflecting a steady rise throughout the week. Intensifying violence in Syria and the bombing of an Israeli tourist bus in...