Oil Futures Extend Gains on Report Iran Seized Tanker
Dow Jones
Aug 18
1413 ET - Oil prices add to gains following an unconfirmed Iranian state media report that Iran seized a U.A.E.-owned oil tanker in the Strait of Hormuz. Both the U.S. and Iran claim to have control over the strait, which has seen limited shipping since the reopening agreed under the U.S.-Iran Memorandum of Understanding unraveled in July. The 60-day MOU expired Monday. President Trump told Fox News earlier that he is in no hurry to resolve the conflict and warned Oman against interfering with the U.S. blockade of Iranian ships in the waterway. WTI is up 2.5% at $84.46 a barrel and Brent rises 2.6% to $90.82 a barrel.
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