Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectation...
SINGAPORE - Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.
But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown. U.S. President Donald Trump on Monday threatened Iran with “great force” if it attacked U.S. interests in the Middle East. This came after a rocket attack in Iraq’s capital Baghdad, which Washington suspects to have been organized by militia with ties to Iran.
The tension comes amid an already tight market as the Organization of the Petroleum Exporting Countries , Russia and other producers have been withholding supply since the start of the year to prop up prices.
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