Channel NewsAsia
AsiaPac · 48 mins ago
Oil jumps after settlement as US revokes general license for Iran oil sales
NEW YORK, July 7 : Oil prices settled 3 per cent higher on Tuesday and then extended gains post-settlement, after the U.S. revoked the general license that authorized the sale of Iranian crude oil. Reports of attacks on vessels near the Strait of Hormuz also revived fears of disruptions to tanker shipping.Brent crude futures settled up $2.17, or 3.01 per cent, to $74.16 a barrel, while U.S. West Texas Intermediate crude rose $1.89, also 2.76 per cent, to $70.44 a barrel.In post-settlement trade, the global benchmark climbed 96 cents to $75.12 and WTI jumped $1.05 to $71.49 at 3:00 p.m. ET after the U.S. revoked a general license that authorized the sale of Iranian oil. Both benchmarks were up more than 4 per cent from the previous day's settlement prices.The U.S. warned that Iran's actions
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