By Georgina McCartney
July 30 (Reuters) - Oil fell on Thursday in volatile trade as investors considered proposed plans for a Saudi Arabia-led maritime coalition to boost defence cooperation around the Red Sea, reversing a rise in prices earlier in the session after Washington and Tehran traded strikes on each other's military targets again.
Brent futures were down $1.26, or 1.39%, at $89.48 a barrel at 12:41 p.m. EDT after touching a high of $93.31.
U.S. West Texas Intermediate crude futures were down 53 cents, or 0.63%, at $83.93, after hitting a high of $85.94.
Saudi Arabia is seeking to lead a coalition with other countries to boost defence cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden. The Saudi defence ministry said 14 states including Turkey, Pakistan, Egypt, Sudan and Djibouti have issued a joint statement in support of the proposed multinational maritime defence coalition.
#defence #maritime
July 30 (Reuters) - Oil fell on Thursday in volatile trade as investors considered proposed plans for a Saudi Arabia-led maritime coalition to boost defence cooperation around the Red Sea, reversing a rise in prices earlier in the session after Washington and Tehran traded strikes on each other's military targets again.
Brent futures were down $1.26, or 1.39%, at $89.48 a barrel at 12:41 p.m. EDT after touching a high of $93.31.
U.S. West Texas Intermediate crude futures were down 53 cents, or 0.63%, at $83.93, after hitting a high of $85.94.
Saudi Arabia is seeking to lead a coalition with other countries to boost defence cooperation in the Bab El-Mandeb Strait, the Red Sea and the Gulf of Aden. The Saudi defence ministry said 14 states including Turkey, Pakistan, Egypt, Sudan and Djibouti have issued a joint statement in support of the proposed multinational maritime defence coalition.
#defence #maritime
2 months ago
