Crude futures extend gains on Iran tensions

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.

By: Kawai Wong
+44 20 8652 3214

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