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Oil Prices Up After Iran Drone Attack

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West Texas Intermediate (WTI) and Brent crude oil futures surged Thursday following the downing of a U.S. Navy drone over the Strait of Hormuz, a vital shipping lane for oil tankers entering and exiting the Persian Gulf.

The July WTI contract price added $2.89 Thursday, settling at $56.65 per barrel. The benchmark traded within a range from $54.11 to $57.02.

Brent crude oil for August delivery also rose sharply, gaining $2.63 to end the day at $64.45 per barrel.

As Bloomberg reported earlier Thursday, oil futures surged amid reports that Iran shot down a U.S. “spy drone” after the aircraft had reportedly invaded its airspace. The U.S. Central Command (CENTCOM) confirmed on its Twitter account that an Iranian surface-to-air missile system downed the Navy drone over the Strait of Hormuz. Moreover, a CENTCOM spokesman disputed the claim that the drone was flying over Iranian territory.

“This was an unprovoked attack on a U.S. surveillance asset in international airspace,” stated Navy Capt. Bill Urban.

President Trump on Twitter called Iran’s downing of the drone “a very big mistake,” prompting speculation about what action the United States might take to retaliate – and escalate tensions in the already restive region.

Barani Krishnan, senior analyst with Investing.com, commented that Trump’s response to the drone incident was ultimately inconsistent.

“Trump has … muddled his response to the Iranian situation, first tweeting that shooting the drone down was a ‘big mistake,’ then backtracking in comments to reporters that it was probably the actions of a ‘stupid’ individual general,” explained Krishnan in an analysis emailed to Rigzone.

Krishnan remarked that Trump appears to be “bending over backwards” in an effort not to exacerbate geopolitical tensions that could prompt oil prices to jump, say, five or six percent.

“With his reelection bid in, low oil and gas prices at the pump seem to be Trump’s primary concern,” said Krishnan. “That’s why he’s even suggested being open to making peace with Tehran, despite the continued noises against Iran by some in his administration.”

Amid the uncertainty surrounding Iran, a weekly report distributed Thursday by Orbital Insight reveals that global oil inventories continue to go up.

“Different week, same story,” stated Mario de la Ossa, energy specialist with Orbital Insight. “Most notable is the build in OECD as Russia Druzhba pipeline contamination issues appear to be behind us.”

Inventories at a major hub in the Netherlands also appear to be increasing, de la Ossa said.

“We have observed notable gains in Rotterdam stocks,” he said. “The overall year-on-year deficit is widening fueled by the fact that we were seeing draws at this time last year.”

In addition, de la Ossa observed that the OPEC member showing the strongest build should be no mystery.

“Iran not surprisingly leads the OPEC gains as Iranian exports continue to suffer,” he said.

According to Orbital Insight figures emailed to Rigzone, Iran’s oil stocks have increased 1.34 million barrels over the past seven days. The firm’s figures also reveal that Iran’s inventories are up nearly 4.8 million barrels over a 30-day period and up 17.7 million barrels year-on-year.

Reformulated gasoline (RBOB), like crude oil, finished the day higher. The July RBOB contract settled at $1.79 per barrel, reflecting a five-cent gain.

Natural gas futures fell markedly for the third consecutive trading day. July gas futures lost nine cents to settle at $2.185.

RIGZONE



19 Comments on "Oil Prices Up After Iran Drone Attack"

  1. Anonymouse on Thu, 20th Jun 2019 8:10 pm 

    I wonder if RIGPORN could enlighten everyone as to why I, or anyone else, should pay more for a barrel of oil based on this?

    Anyone hurt? Nope. The Jewnited States, a little butthurt maybe over the loss of their RC spy-plane, but that is about the extent of it.

    Any actual impact on oil extraction or distribution? None whatsoever.

    Is this drone business all the Us’s fault and doing? Absolutely.

    Rigged markets and false flags. Endless lies and saber-rattling is all the uS is good for anymore. That, and fleecing suckers in the London and Jew York oil futures exchange.

  2. makati1 on Thu, 20th Jun 2019 8:56 pm 

    Anon, the oily gang has no life outside of the oily business. I stopped reading most oily articles years ago. Nothing but guesses and bullshit.

    The only time I will notice anything oily is when there is none. Nothing I can do about any of it and have no investments in the oily business to stress out about. Nor in the Stock Market Casino.

    My new home is energy independent, meaning it requires only sunlight to function. No, I do not use solar panels, just gravity for water and sunlight for lighting and growing food. Yes, I will enjoy A/C as long as it lasts, but the design is for air circulation without electric. Annual rainfall of 12 feet is the water supply as it falls on the corrugated roof over tanks sitting on the concrete roof over the living area. We also have two year-round springs on the farm and the river is just 1,000 feet away, down the hill. I guess that is about as “prepped” as is possible today. I hope so.

  3. Cloggie on Thu, 20th Jun 2019 10:37 pm 

    Iran claims to have proof that the US has violated Iranian airspace, wans to go to he UN:

    https://www.spiegel.de/politik/ausland/nach-abschuss-von-us-drohne-iran-will-unwiderlegbare-beweise-gegen-die-usa-haben-a-1273525.html

    Is Trump being setup for war?

  4. Davy on Thu, 20th Jun 2019 10:44 pm 

    Wow makato, that sounds like REAL Green Adaptation to me.

    I’d be fucked without electric, or oil.

  5. makati1 on Thu, 20th Jun 2019 11:50 pm 

    Not needing heat of any kind is also a plus here. Never gets colder than about 50F in the mountains and about 70F where I live. We can cook on homemade charcoal if necessary. Candles from beeswax. The jungle will provide the materials for all I need. Even clothing. ^_^

    It would be difficult in the Us to replicate my situation because of climate and all the building codes and laws. Not to mention cost. Most of my friends and family there would be in difficulty other then the ones who live in Florida. The US “lifestyle” is not meant to be independent or self-sufficient. Capitalism prevents it. Too bad.

  6. Davy on Fri, 21st Jun 2019 5:02 am 

    “My new home is energy independent, meaning it requires only sunlight to function. No, I do not use solar panels, just gravity for water and sunlight for lighting and growing food.”

    In the past you told us about the electric lines coming up your driveway. What changed? Did you run out of money? Is your laptop energy independent?

  7. Davy on Fri, 21st Jun 2019 5:33 am 

    “Davy on Thu, 20th Jun 2019 10:44 pm Wow makato, that sounds like REAL Green Adaptation to me. I’d be fucked without electric, or oil.”

    Well, you are finally catching on to some of the points of REAL Green Deep Adaptation juanpee. Yes I will be fucked but that’s the point of REAL Green. Now is when REAL Green makes the most sense when there is oil and electricity. Adapt and prepare for what appears to be inevitable but with an uncertain timeframe. Makato will be fucked without electric and oil he just thinks he won’t. 100MIL people on the move in an overcrowded Island is not a refuge. BTW, his comments don’t dove tail with earlier ones but I don’t have time to moderate them. It is not hard to see holes in his energy independence. He is using a laptop. He is cooking with gas. He is buying food in town. When the monster typhoon comes he will have rebuilding costs. His garden will be ruined. BTW, there is a lot of imbedded energy in his concrete house. He has that US government check coming every month he relies on. My REAL Green Deep Adaptation is not about arguing with what makato is doing or your stalking/pricking, juanpee, it is about an individual and local effort to mitigate a decline in living standards that might become dire eventually. It applies to anyone and any local. . REAL Green is not about feeling superior to others and this is makato’s primary failure. It is about if you are superior then you have an obligation to help your significant others and neighbors. REAL Green is the real thing juanpee. You probably could be REAL Green but you don’t give a shit. Your thinking is it does not matter so you are going to enjoy life to its fullest without regards to others or the planet. Why do these things if it does not matter is your thinking documented on this board. I can’t argue with that because it is an option but not one that offers me meaning. It fits into Miami Beach lifestyles. Miami Beach is one of the most “not” green place in the world. You could be in Uruguay being REAL Green but that is too boring for you. I want to leave something for others when SHTF. My REAL Green monastery might not survive but it will help those around me. If I am gone it will assist somebody down the road in their time of need. More importantly it is the REAL Green journey which is highly enriching to me. The destination for all of us is death. The journey is where life is realized. I do believe that SHTF time is approaching

  8. More Delusional Davy Bullshit on Fri, 21st Jun 2019 12:10 pm 

    Davy on Fri, 21st Jun 2019 5:33 am

  9. Davy on Fri, 21st Jun 2019 2:11 pm 

    My REAL GREEN bullshit smells like perfume ,Channel #5 to be exact, I’ll have you all know. Which is more than I can say for your dirty illegal immigrant stink juanpeee

    dumbass

  10. JuanP on Fri, 21st Jun 2019 2:46 pm 

    juanpee, I am pleased you are so triggered by REAL Green. Too bad you don’t have anything to talk about and stand for. All you do is stalk me and take cheap shots like cowards do. Not much of a strategy for meaning or survival. You are a shallow empty person who’s mental illness has you lashing out in obsessive anger.

  11. More Davy Identity Theft and Projections on Fri, 21st Jun 2019 2:50 pm 

    JuanP on Fri, 21st Jun 2019 2:46 pm

  12. Cloggie on Fri, 21st Jun 2019 4:01 pm 

    I am REAL TRIGGERED by you Davy. You can neuter me anytime. Message me.

  13. JuanP on Fri, 21st Jun 2019 5:36 pm 

    juanpee, every time you open your mouth you neuter yourself. No need to make the effort

  14. makati1 on Fri, 21st Jun 2019 5:57 pm 

    Will the REAL anyone, please stand up!

    This site is going down the same slippery slope as the US for the same reason the US is going down, insanity. A certain arrogant goat herd started it and would not stop, even after many years of spewing arrogant, ignorant, immature, Amerocentric bullshit supporting his dying country’s murders, plundering and outright destruction of 3rd world countries.

    Meanwhile, after a sold 8 hours of sleep, I awake this Saturday AM to the sounds of birds singing and bright sunshine, somethings missing in most of the US these wet days. But then, when you brag, it has a way of boomeranging doesn’t it?

    The US is no longer (if it ever was) exceptional and it is fast learning that it is not indispensable either. Tough pills for spoiled Americans to swallow. Time for the Great Leveling to speed up and take down the rabid dog, Amerika.

  15. makati1 on Fri, 21st Jun 2019 6:06 pm 

    BTW Davy, the electric lines were run and the farmhouse has electric to run everything found in a typical American house. I never said it didn’t.

    Re-read my comment that said I would use electric as long as it is available. My energy independent house is designed to not need it … when the SHTF. I never said anything different.

    Reading skills lacking, or is it the drugs?

  16. JuanP on Fri, 21st Jun 2019 7:10 pm 

    Over 600 US Companies Sign Letter Supporting Trump Tariffs On China

    A letter from over 600 US companies businesses in support of President Trump’s tariffs on approximately $300 billion of Chinese imports was scheduled to be submitted on Friday before the Office of the United States Trade Representative (USTR), according to the Daily Caller, which reviewed the document.

    It is the intention of Coalition for a Prosperous America (CPA), Chief Economist, Jeff Ferry to present the letter Friday morning during his testimony to the USTR. This letter pushes back on the letter last week that asks Trump to stop the tariffs on China. Those signers were mostly big-box retailers who manufacture their products in China.

    This all comes as President Donald Trump said that he is considering slapping China with more tariffs if Chinese President Xi Jinping does not meet with him during the G-20 summit in late June. Since, the warning, the two have agreed to meet. However, Trump said if Xi does not attend the event, he will immediately impose new tariffs on $300 billion in Chinese imports, including a number of consumer products. -Daily Caller

  17. Anonymous on Fri, 21st Jun 2019 8:40 pm 

    The third world America is any other failed country, economy collapsing to half and should restrict. No business meddling as it no longer what it used to be, a failed country. The last reserves of Oil is heading to New highs inspite of global economy, with end of easy, conventional oil.

  18. More Davy Identity Theft on Fri, 21st Jun 2019 8:50 pm 

    JuanP on Fri, 21st Jun 2019 5:36 pm

    JuanP on Fri, 21st Jun 2019 7:10 pm

  19. makati1 on Fri, 21st Jun 2019 9:01 pm 

    Trump is so full of shit it is flowing out of his eyes. He is taking the US down faster than any previous prez. So be it. Well deserved. GO TRUMP!

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