Oil drilling rigs
Oil prices edged higher during trading today, Aug. 14, supported by US threats to impose an indefinite naval blockade on Iran, renewing concerns over crude supplies.
The two oil benchmarks are on track for weekly gains of around 4%, despite falling more than 2% in the previous session, according to Reuters.
In an interview with Newsmax, US Treasury Secretary Scott Bessent said: “Watch this space for more announcements coming next week” as US implement economic isolation on Iran “like the world has never seen before”.
Markets are also awaiting Baker Hughes’ US oil and gas rig count later today for further indications on the outlook for American supplies.
Change in Prices of Futures Contracts for the Two Benchmark Crudes
Crude
Price (USD/barrel)
Change (USD)
Percentage (%)
Brent
(October delivery)
87.16
+0.09
+0.10%
NYMEX
(September delivery)
81.39
+0.14
0.15%+
*At 8:00 a.m. Makkah time.
https://www.argaam.com/en/article/articledetail/id/1929382
