Today the price of crude oil is inching higher due to the worsening in the relations between the United States and Iran. Donald Trump’s administration announced that they are working on a new tariff plan against the Middle-Eastern country, as a result of last week’s developments.
On Thursday a US reconnaissance unmanned drone was taken out of the sky by Iranian forces, who claimed it was spying on their activities. This evoked a very strong, negative reaction from President Trump, who wanted missile strikes against Iranian military facilities. Early on Friday the strikes were called-off, however, as the United States stopped to consider their options.
Today the US Secretary of State Mike Pompeo announced that there will be new sanctions against Iran. This will add to the already dedicated American efforts to stop oil exports from Iran.
As of the time of this article’s composition, the Brent crude oil is trading at $65.70, while the WTI brand is at $58.13.
