Oil Jumps as Tanker Seizures Escalate Persian Gulf Tensions
- Iranian authorities capture two vessels: UK Foreign Secretary
- Hedgeye analyst says the market should expect more risk ahead
A gas meter gauge stands at the oil and gas field processing and drilling site operated by Ukrnafta PJSC in Boryslav, Lviv region, Ukraine, on Thursday, July 4, 2019.
Photographer: Vincent Mundy/BloombergThis article is for subscribers only.
Oil jumped in after-market trading following the Iranian Revolutionary Guard Corp seizing a British oil tanker and a Liberian-flagged ship in the Strait of Hormuz, raising stakes in the critical oil chokepoint.
Brent futures rose as much as 1.4% from its settlement, while WTI futures also edged higher after the seizure of the tankers. U.K. Foreign Secretary Jeremy Hunt said Friday that he is “extremely concerned by the seizure of two naval vessels by Iranian authorities in the Strait of Hormuz.”