Oil rises on tensions after Middle East tanker attacks

Trend:

Oil prices rose on Monday after U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week, Trendreports citing Reuters.

Brent futures rose 27 cents, 0.4% to $62.28 a barrel by 0040 GMT. They rose 1.1% on Friday.

U.S. West Texas Intermediate (WTI) crude futures were up 18 cents, or 0.4%, at $52.69 a barrel. They rose 0.4% in the previous session.

Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz.