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August 2, 2021

Iran-US Tensions Help Stabilize Oil Prices

 Crude oil trade remained stable at the start of the week, although slightly affected by the dismal growth exhibited in economic activity in China in July.


Brent and WTI US crude futures fell 1% in today’s trading session, with each trading around $ 74.58 a barrel and $ 73.20 a barrel.


Growth in manufacturing activity in China fell sharply in July after being hit by high commodity prices causing demand to contract for the first time in more than a year.



In addition, pressure from the coronavirus threat has also put pressure on crude oil trade, moreover China has also seen a resurgence of infection cases.


However, reports of recent tensions between Iran and the United States have helped support oil prices from falling lower.


The U.S. and the UK have accused Tehran of being responsible for an attack on an Israeli -owned oil tanker outside Oman that claimed two lives, in which a British national and a Romanian were killed.


Following the attack, the two countries warned Iran to respond, describing it as a violation of international law.