Oil prices rose on Monday on concerns of supply after tensions escalated between Iran and the United States.
Offshore workers in the British North Sea also began a 24-hour strike on three oil and gas platforms, Reuters reported.
Global benchmark Brent crude was last trading up 1.45 percent at $74.13 per barrel (bbl), while WTI crude rose 1.05 percent to $68.98/bbl.
On Sunday night, US President Donald Trump threatened Iran on Twitter, warning of severe “consequences,” as rhetoric between the two countries’ presidents escalated dramatically.
To Iranian President Rouhani: NEVER, EVER THREATEN THE UNITED STATES AGAIN OR YOU WILL SUFFER CONSEQUENCES THE LIKES OF WHICH FEW THROUGHOUT HISTORY HAVE EVER SUFFERED BEFORE. WE ARE NO LONGER A COUNTRY THAT WILL STAND FOR YOUR DEMENTED WORDS OF VIOLENCE & DEATH. BE CAUTIOUS!
— Donald J. Trump (@realDonaldTrump) July 23, 2018
"Brent is trading largely unchanged at $73 per barrel as the new week begins, while WTI is priced at $68 following the contract rollover. Oil prices are thus reacting with amazing calm to the verbal escalation between the Iranian President Rouhani and US President Trump at the weekend," Carsten Fritsch, analyst, Commerzbank, said in a note to clients.
Meanwhile, finance ministers and central bank governors from the world’s 20 biggest economies (G20) called for “more dialogue to prevent trade and geopolitical tensions from hurting growth.”
Baker Hughes data released on Friday showed US oil drilling platforms fell by five to 858 last week, the biggest since March.
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