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Tuesday, 07 November 2017 - 17:00
Oil prices surge as tension between Saudi Arabia and Iran rising
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Oil prices made rapid gains overnight as geopolitical tensions surged between Saudi Arabia and Iran, sparking fears of a conflict that could disrupt supplies from two major producers.
 
But prices retreated slightly in early Asian trade today (07) as traders engaged in profit-taking after both products reached levels not seen in over two years.
 
Riyadh and Tehran have been trading fierce accusations over their involvement in Yemen, where Saudi Arabia and Iran back opposing sides.
 
In the latest flare-up, Saudi Arabia said an intercepted missile attack on the country, allegedly by Tehran-backed rebels in Yemen, “may amount to an act of war”.
 
Tehran, in turn, accused Riyadh of committing war crimes in Yemen, raising tensions further.
 
But analyst Chanel said the accusations were unlikely to spiral into full-blown conflict.
 
At about 3:30 GMT, US benchmark West Texas Intermediate was up four cents to $ 57.39 a barrel while Brent crude was down eight cents to $ 64.19 a barrel.
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