The price of oil continues to rise. The Brent crude reached $75.12, while US oil futures were at $69.47 per barrel. This marks a second week of near-constant growth for oil prices.
Right now the black gold is propelled up by a number of factors. The trade war between the United States and China, while seemingly unrelated to oil, has actually pressured industries in both countries, which has affected the demand for oil negatively. Moreover, last week the United States surprised the markets with lower oil reserves than expected, which boosted prices, even as OPEC and Russia are pumping more oil.
Since the Iran nuclear deal was effectively dissolved by Donald Trump earlier this year, the markets are preparing for a possible decrease in oil supply as Iran faces new international sanctions. The lower supply in Saudi Arabia where one of their passages has been closed also seemingly failed to boost the price significantly, so right now it remains a bit volatile.
