27 September 2012 15:01 [Source: ICIS news]
LONDON (ICIS)--Crude oil futures extended gains on Thursday because of mounting tensions in the Middle East after Iran accused the US and other western powers of intimidation.
By 13:07 GMT, the front-month November ICE Brent contract had touched an intra-day high at $112.36/bbl, a gain of $2.32/bbl compared to the settlement on Wednesday. The contract then edged lower to trade around $112.00/bbl.
At the same time, the front-month November NYMEX WTI contract was trading around $91.25/bbl, having touched an intra-day high at $91.75/bbl, a gain of $1.77/bbl against the close on Wednesday.
Iran’s President Mahmoud Ahmadinejad had accused the US and other western powers of intimidation in their foreign policies to prevent Iran’s development of nuclear capabilities.
Earlier this week, Iran’s military test-fired missiles near the shipping lane, the Strait of Hormuz, and claimed its missiles could sink warships.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections