Crude Oil Rising on Iran Threat, Nigerian Shut-down (RDS-A)
The escalation of tensions between Iran and a US-led group of nations that have approved new sanctions against the Islamic Republic is helping to push the price for Brent Crude higher. Brent is trading just above $113/barrel this morning, while…
The escalation of tensions between Iran and a US-led group of nations that have approved new sanctions against the Islamic Republic is helping to push the price for Brent Crude higher. Brent is trading just above $113/barrel this morning, while domestic US WTI is trading in the electronic market above $102/barrel.
Adding to the upward pressure on prices is a declaration from Royal Dutch Shell plc (NYSE: RDS-A) of force majeure on daily production of 250,000 barrels of light, sweet crude. The situation could get worse if a strike threatened for Monday actually occurs.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
