Oil

Brent Crude Oil Futures - Today's data summary

% change
+0.22%
Price dollars per barrel
63.97
Change
+0.14
As of 06:39 24 Jul 2019

WTI Crude Oil Futures - Today's data summary

% change
+0.33%
Price dollars per barrel
56.96
Change
+0.19
As of 06:40 24 Jul 2019

Latest updates

Oil on the rise

A worker on an oil rig
Getty Images

The price of oil rose on Monday due to political tensions in the Persian Gulf, following Iran's seizure of a UK-flagged oil tanker in the Gulf on Friday 19 July.

Brent crude is now up 1.6% to $63.45 a barrel.

Meanwhile, the US West Texas Intermediate rose 1.1% to $56.38 a barrel.

Oil prices rise on Iranian tension

boats with Iranian flags
AFP
The Revolutionary Guards' naval force is tasked with patrolling the Strait of Hormuz

Iran says it seized a "foreign tanker" and its 12 crew on Sunday for smuggling fuel in the Gulf.

State television quoted Iran's Revolutionary Guards as saying the ship had been smuggling one million litres (220,000 gallons) of fuel.

It is not yet confirmed if it is the UAE-based Riah tanker that stopped transmitting its position as it sailed through the Strait of Hormuz on Sunday.

That has forced up oil prices by about 1%.

Brent crude futures hit as high as $64.46 and West Texas Intermediate futures hit $57.32.

There's more detail on that story here.

Oil prices rise

Hurricane Barry
AFP

Oil prices rose ahead of figures from the Energy Information Administration showing the level of crude inventories in the US.

Brent crude rose almost 1% to around $65 a barrel.

Abhishek Kumar, head of analytics at Interfax Energy, said: "Market participants are looking ahead to the weekly EIA oil inventory data for the US, which is expected to show yet another drawdown.

"Nevertheless, oil production in the Gulf of Mexico returning to normal following Hurricane Barry will limit price gains."

Oil prices fall

Oil rigs
Getty Images

It might be Independence Day in the US, but not everyone is celebrating.

Oil prices fell around the world on Thursday, after latest data showed that US inventories fell less than expected, due to US refineries consuming less crude oil than the week before and processing 2% less oil than the same period in 2018.

Brent Crude Oil Futures fell 0.4% to $63.54 a barrel.

West Texas Intermediate meanwhile dropped 0.8% to $56.91 a barrel.