Tuesday, May 5, 2015

Oil Hits 2015 Highs

Brent crude oil rose toward $68 a barrel on Tuesday, a 2015 high. Brent has now jumped 50% from its January low. The ongoing conflict in Yemen and the shutting down of Libyan oil port of Zueitina by protesters are probable causes for today's rise in prices.


Anonymous said...

None of the oil profits will go towards the economic development of Iran. Already half of that $9 billion is going towards propping up Assad in Syria and Hezbollah in Lebanon. Such is the dilemma that Iran is stuck in.

Mark Pyruz said...

I would add the IRGC-N seizure of the Maersk-related freighter to the list of probable causes. Actually it would top the list.

If the IRGC planned the seizure to rise the price of Brent, they were successful in their aim.

Nader Uskowi said...

Events move so fast in the region that the Maersk Tigris affair seems to be so yesterday's! Agreed it adds to the tensions in the region. But that event probably had already impacted the price late last week.