Prices contin­ue to spike on back of growin­g tensio­ns in Middle East after Iran shot down US droneLONDON: Oil prices rallied towards $65 per barrel on fears of a US military attack on Iran that would disrupt flows from the Middle East, which provides more than 20% of the world’s oil output. “Crude prices are spiking on increased Middle East tensions after Iran shot down a US drone in what the US claims is international airspace,” said Jason Gammel from Jefferies. Iranian officials told Reuters on Friday that Tehran had received a message from US President Donald Trump through Oman overnight warning that a US attack on Iran was imminent. The officials said they had responded by saying that any attack would have regional and international consequences. A weaker greenback tends to support oil prices because crude is usually priced in dollars.

Source: The Express Tribune June 21, 2019 09:00 UTC