Oil prices rose on Monday, extending vast gains last week prompted by tensions between Iran and the United States, as Washington was set to announce new sanctions on Tehran.West Texas Intermediate crude was up 40 cents, or 0.7 per cent, at $57.83 a barrel.Oil prices surged after Iran shot down a drone on Thursday that the United States claimed was in international airspace and Tehran said was over its territory.
But U.S. Secretary of State Mike Pompeo said “significant” sanctions on Iran would be announced on Monday aimed at further choking off resources that Tehran uses to fund its activities in the region. “The market expects an extension though, and any failure could see oil price gap down. The probabilities favor restraint however,” it added.Russian Energy Minister Alexander Novak on Monday said international cooperation on crude production had helped stabilize oil markets and is more important than ever.
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Source: CTVNews - 🏆 1. / 99 Read more »
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