Oil rises on heightened political tensions in US, Middle East

15/07/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, July 15, on the back of the political uncertainty in the United States after the assassination attempt on its former president and candidate for the upcoming elections, Donald Trump, in addition to the failure of the ceasefire negotiations in Gaza. 

 

Brent crude was trading up 0.19% at $85.19 per barrel at 08:21 am Makkah time. West Texas Intermediate (WTI) crude rose 0.27% to $82.43 per barrel. 

 

A stronger dollar after the failed assassination attempt on the former US president over the weekend and weak demand in China, a major oil importer, limited oil prices’ early gains this week.  

 

“The uncertainty that will arise in America from the assassination attempt cannot be ignored, given the divisions in society as the presidential election approaches,” Tony Sycamore, Market Analyst at IG, told Reuters. 

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