Oil prices would be down but then Iran seized a British tanker
Crude oil pricesrose 0.8% after the Iranian Revolutionary Guards seized a British oil tankerin the Gulf region last week.
- The British government will decide its response to Iran today.
- The spike in oil prices is bad for India, which imports over 80% of the crude oil it needs.
The price of Brent Crude rose 0.8% on Monday morning at $ 63.33 per barrel.
Without the West’s standoff with Iran, the price of crude oil would be falling sharply. “The
The crude oil price in the New York exchange fell over 7% while the
Response to Iran
Briish Prime Minister is also expected to chair a meeting of Britain’s emergency response committee today to discuss the crisis. The US has also jumped in again after the incident took place and an official said that the US will destroy any Iranian drones that try to come close to is ships. Last week, the US claimed that it had destroyed an Iranian drone in the Strait of Hormuz, which Iran had denied.
The mood in the Middle East have been grim since the US withdrew from the Iran nuclear deal and imposed fresh sanctions on it. The latest series of escalations began with the capture of four oil tankers in the Gulf region last month.