Friday August 7, 2020

Oil advances as Saudis cut ties with Iran after embassy attacked

The Saudi-Iran story is adding some risk premium to oil prices, dealers say

4th January, 2016
The Middle East account for 30% of global oil output in 2014

Oil rose as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the execution of a prominent Shiite cleric.

Futures climbed as much as 3.5 per cent in New York, extending Thursday’s 1.2 per cent advance. Iran’s Supreme Leader Ayatollah Ali Khamenei warned of repercussions and protesters assaulted the embassy with rocks and firebombs on Saturday. The following day Saudi Foreign Minister Adel al-Jubeir gave Iran’s ambassador...

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