Oil Advances Most in a Week as Middle East Tensions Persist

U.K.’s May led meeting to discuss security of shipping
WTI futures rise 1.1 percent on Monday after Friday’s gain

Tanker Stena Impero anchored off the Iranian port city of Bandar Abbas.Photographer: Hasan Shirvani/Mizan News Agency/AFP via Getty Images

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By Harkiran Dhillon

July 21, 2019 at 10:46 PM UTC

Updated on

July 22, 2019 at 7:10 PM UTC

This article is for subscribers only.

Oil rose the most in more than a week as Iran’s seizure of a British oil tanker fueled concerns about escalating tensions in the Middle East.

Futures closed 1.1% higher in New York on Monday after easing some gains during the session. While the U.K. demanded the immediate release of the Stena Impero, taken by Iran’s Revolutionary Guard Corps in the Strait of Hormuz on Friday, British Defense Minister Tobias Ellwood said he wanted to de-escalate the situation.