Oil rises as tensions intensify in Middle East

09:09 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, June 17, as supply uncertainty deepened amid geopolitical tensions in the Middle East.

 

Brent crude was trading up 0.7% at $73.73 a barrel, at 08:07 am Makkah time. West Texas Intermediate (WTI) crude rose 0.65% to $72.23 a barrel.

 

This comes after Iran and Israel exchanged attacks for the fifth consecutive day, and US President Donald Trump urged Iranians to leave Tehran, citing what he described as Tehran's rejection of an agreement limiting its nuclear weapons development.

 

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on June 18.

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