Oil prices tick up after Iran seizes Iraqi oil vessel

Oil prices (CL=F, BZ=F) move higher after Iran reportedly seized a vessel carrying Iraqi oil that was heading toward Turkey. Iran state media reported: “After the theft of Iranian oil by the United States last year, St. Nikolas tanker was seized by Iran’s Navy this morning with a judicial order … it is en route to Iranian ports.”
In response to the seizure, White House National Security Spokesperson John Kirby said there’s “no justification whatsoever to seize it, none whatsoever. They need to let it go.”
Yahoo Finance Reporter Ines Ferré joins the Live show to discuss what it means for the price of oil and geopolitical tensions, also discussing the impact of the deal between Chesapeake Energy (CHK) and Southwestern Energy (SWN) on US natural gas production.
#oilprices #youtube #oil
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Oil prices higher today as tensions persist in the Middle East for more on this let’s bring in Ines Fay who’s watching those oil prices hi uness hi Julie yeah and we saw WTI go up more than 3% during today’s session then pairing back some of those games and you

Had Brent crud that was up more than two and a half% this was because of a report that Iran had ceased a vessel carrying Iraqi oil that was headed toward Ward turkey and Iranian State media saying that They seized that vessel because it was the same vessel that the US had

Confiscated last year so this was in retaliation but of course what this does is it Stokes concerns fears of escalated tensions in the Middle East and we have seen days where we have seen oil Spike by 2 3% because of tensions in the Red Sea area this was uh in the Middle East

As well um now as far as oil prices are concerned there is a cap that we are seeing when it comes to uh the oil prices and these temporary spikes that we see during some of these sessions and most analysts are saying that this has to do with Supply increased Supply from

The US and others coming into the market this year and in fact you had just had Barkleys that reduced its price Target on Brent by $8 per barrel to $85 per barrel part ly because of increased Supply guys and yes I also wanted to get

Your take on on a big deal we heard about today Chesapeake and South Western Energy what can you tell us about that one yeah so this will combine both companies and it will become one of the biggest companies in the energy space in the natural gas space ranking as one of

The largest natural gas producers in the US there is a growing need for natural gas a growing need for liquefied natural gas gas which the US has been exporting more and more abroad so this company will have a new name we don’t know what the new name is going to be they will

Build a new facility also in Houston but look as far as natural gas prices are concerned we have seen that they have been on this downward Trend they’re up a bit more now but as far as this year is concerned because of demand for natural gas demand for natural gas also for the

Green energy initiative um the analysts are expecting prices to go higher in yes thank you so much for that appreciate it thank you