Oil rose on Tuesday amid threats of geopolitical tensions that could disrupt world supply.
The barrel of Brent of the North Sea for May closed at 67.42 dollars in the London market after gaining 1.37 dollars compared to Monday. In New York, the barrel of light sweet crude (WTI) for April gained 1.34 dollars reaching $63.40.
By 4:10 p.m. GMT the prices reached their best level in three weeks. Brent was sold at $ 67.88 and the WTI at $ 63.81.
The increase in tensions between Saudi Arabia and Iran, and the threat of US sanctions against Venezuela support the price of the barrel,”
said Tamas Varga, an analyst with the PVM firm.
The crown prince of Saudi Arabia is in Washington where he arrived to meet with President Donald Trump after having compared the supreme leader of Iranian Shiites Ali Khamwenei to Adolf Hitler.
Iran is one of OPEC’s biggest partners led by rival Saudi Arabia. The United States, in turn, threatens to review the agreements reached to neutralize Tehran’s nuclear plans. If these agreements are revised, Iran would again be subject to trade sanctions that would prevent it from selling crude to some countries.
On Monday, Trump also adopted new sanctions against the leftist government of Venezuela, one of the United States oil suppliers.
Given the aggressive tone recently adopted by the White House, Venezuelan exports could be affected,”
said Jakob.