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Oil prices continued its uphill journey in the international market, supported by the growing tensions in the Middle East. International benchmark, Brent crude futures rose by 0.4% to $65.45 a barrel. US West Texas Intermediate crude climbed by 0.6% to $57.80 a barrel. U.S. Secretary of State Mike Pompeo has indicated imposition of “significant” sanctions on Tehran on Monday. Oil prices jumped last week after Iran shot down a US military drone.
Oil prices climbed on the back of escalating tensions in the Middle East after Iran shot down a US military drone yesterday. International Benchmark Brent crude futures rose 0.6%, to $64.84 a barrel. US WTI crude was traded 0.6% higher, at $57.39 a barrel. While Washington said that the drone was in international airspace, the Persian country justified shooting down the unarmed Global Hawk surveillance drone on grounds of spying.
In order to narrow down its $28 billion trade surplus, India is seeking more oil, drones and aircraft from the U.S. Government officials have said that India could bridge the surplus by $4 billion through oil imports alone. There are emerging concerns of probable collateral damage to the Indian economy from Trump’s trade friction with China.