Crude oil futures kicked off the week on a stronger notice in mid-morning commerce in Asia Monday, buoyed by renewed provide considerations on mounting geopolitical tensions within the Center East, after Iran seized a UK chemical tanker and briefly detained a UK-owned VLCC within the Strait of Hormuz Friday.
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At 11:10 am Singapore time (0310 GMT), front-month ICE Brent September futures jumped 89 cents/b (1.42%) from Friday’s near $63.23/b, whereas the NYMEX August gentle candy crude futures contract equally gained 33 cents/b (0.59%) at $56.04/b.
The UK-flagged Stena Impero chemical compounds tanker was attacked Friday by “unidentified small crafts and a helicopter” round 1500 GMT, whereas transiting the Strait of Hormuz and was heading towards Iran, proprietor Stena Bulk confirmed.
Iran’s Islamic Revolutionary Guard Corps mentioned it seized the Stena Impero “attributable to a violation of worldwide legal guidelines and…