• Retribution will come

    Those who now pay the price for opposing a corrupt system shall rise again, says Solly Moeng.

  • Ego - the enemy within

    Successful people are humble in their aspirations and resilient in failure, says Ian Mann.

  • You can’t eat dust

    We should insist on products that save our soil and ensure food security, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Oil rises on supply worries

Aug 21 2012 14:23
AFP

London - Oil prices rose on Tuesday on worries over possible tight supplies caused by tensions over Iran, analysts said.

Brent North Sea crude for delivery in October gained 69 cents to $114.39 a barrel in London midday deals.

New York's main contract, light sweet crude for September stood at $96.54 a barrel, up 57 cents after briefly striking a fresh 3.5-month high at $96.76.

"Markets have shown increasing nervousness over current and possible disruptions to supply, amid rising geopolitical tensions in the Middle East," said Leo Drollas of the London-based Centre for Global Energy Studies.

The centre's chief economist added that "hopes of a better economic outlook in the second half of the year may also be pushing markets upwards."

Israeli sabre-rattling about an imminent unilateral strike being prepared by the country against nuclear sites in major oil producer Iran has put markets on edge.

Israel, like its close ally the United States, accuses Iran of seeking to develop an atomic arsenal.

Tehran insists its nuclear programme is exclusively peaceful, while its military chiefs warn that they will destroy Israel if it attacks.

Traders were also following developments in the eurozone, where Germany and the European Central Bank slapped down a Der Spiegel report that the ECB plans to limit the borrowing costs of debt-wracked eurozone countries.


* Follow Fin24 on Facebook, Twitter and Google+.

commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote

Loading...