Iran General NewsOil stems losses as Iran rhetoric heats up

Oil stems losses as Iran rhetoric heats up

-

AP: The slide in the price of oil halted near $90 a barrel Thursday in Asia over renewed worries about oil supplies if military hostilities erupt over Iran’s nuclear program.
The Associated Press

By PAMELA SAMPSON, AP Business Writer

BANGKOK (AP) — The slide in the price of oil halted near $90 a barrel Thursday in Asia over renewed worries about oil supplies if military hostilities erupt over Iran’s nuclear program.

Benchmark oil for November delivery was up 8 cents to $90.06 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.39 to finish at $89.98 per barrel on the Nymex on Wednesday.

Victor Shum, an energy analyst at consultancy Purvin & Gertz in Singapore, said harsh rhetoric over Iran’s nuclear program and threats by Israel of military action against Iranian nuclear installations renewed worries about future oil supplies should an all-out conflagration erupt.

President Barack Obama told the U.N. General Assembly earlier this week that he wants to resolve the dispute through diplomacy but that the time to do so is “not unlimited.” Obama also said the Iranian government has failed to demonstrate that its nuclear program is peaceful.

“Some of the comments from President Obama have caused some buying, causing oil to stabilize at around $90,” Shum said.

Wednesday’s drop in the oil price came as protests in Greece and Spain over spending cuts and tax hikes reminded traders of the debt crisis hobbling those countries and some others in Europe. Such austerity measures crimp the need for oil and oil products such as gasoline and diesel.

Brent crude fell 5 cents to $109.99 per barrel on the ICE Futures exchange in London.

Other energy futures prices on the New York Mercantile Exchange:

— Heating oil fell 0.5 cents to $3.098 per gallon.

— Wholesale gasoline fell 1.2 cents to $3.069 per gallon.

— Natural gas fell 0.4 cents to $3.211 per 1,000 cubic feet.

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Iran’s economic suicide

Wall Street Journal - By STUART LEVEY: Tehran's pursuit...

Cyprus says attempted to offload Iran blast cargo

Reuters: Cyprus had attempted several times to offload a...

You might also likeRELATED
Recommended to you