Arab-Iran Conflict Drives Up Oil Prices

Saudi Arabia on Sunday (03/01/2016) severed diplomatic relations with Iran, following an attack on the Saudi embassy in Teheran which was sparked by the execution of a Shia cleric.At 0230 GMT, February West Texas Intermediate (WTI) crude futures were up 48 cents, or 1.30 percent, at $37.52 a US dollar.February Brent crude futures, the global benchmark, rose 61 cents (1.64 percent) to $37.89 a US dollar.`Oil has started the new year on a positive note, with Asian markets concerned that geopolitical tensions in the Middle East could threaten oil supplies,` said Bernard Aw, market strategist at IG Markets in Singapore.Saudi Arabia and Iran are the top and fifth-largest oil producers in the Organization of the Petroleum Exporting Countries (OPEC) respectively.



Editor
: Erlangga Djumena


Source
: AFP



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