United States Oil Fund (USO): $USO Oil rises amid Gulf tensions, Libya...

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Monday, 07/22/2019 10:40:53 AM

Monday, July 22, 2019 10:40:53 AM

$USO Oil rises amid Gulf tensions, Libya disruption

Crude futures climbed 2% overnight to over $57/bbl after oil spiked late Friday on news that Iran had seized a British oil tanker in the Strait of Hormuz.

The British government threatened Tehran with "serious consequences" and advised U.K. ships to avoid the area, but ministers on Sunday sought to dial down the rhetoric.

Adding to the disruptions, Libya's national oil company suspended operations at the country's largest oil field over the "unlawful" closure of a pipeline valve.

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