UAE-Iran Tensions Send Crude Oil Futures Soaring
The UAE has suspended all financial and economic transactions with Iran until further notice, citing a military escalation by Iran with a missile threat. As a result, crude oil futures traded higher on Thursday morning.
OPEC member country United Arab Emirates (UAE) decided to suspend its financial and economic ties with Iran after detecting two ballistic missiles launched from Iran, which fell into the sea. The move affected oil prices globally, as Brent crude futures rose by 0.46% to $92.04 per barrel.
In other news, US commercial crude oil inventories increased by 4.4 million barrels from the previous week, according to the Energy Information Administration (EIA). Total motor gasoline inventories also rose by 0.7 million barrels last week but were still 5% below their five-year average for this time of year.