Oil prices rise amid reports Iranian consulate hit by missile strike in Damascus A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Crude oil futures rose on the first day of second-quarter trading Monday amid reports that the Iranian consulate in Damascus, Syria, was hit by a missile strike. The West Texas Intermediate contract for May delivery gained 54 cents, or 0.65%, to settle at $83.71 a barrel. The Brent contract for June delivery added 42 cents, or 0.48%, to settle at $87.42 a barrel. Syrian and Iranian state media said Monday that an Israeli missile strike hit the Iranian consulate in Damascus. A Lebanese security source told Reuters that a senior commander in the Iran’s Revolutionary Guard, Mohammad Reza Zahedi, was among the dead. “This news, if confirmed, is a clear escalation of conflict in the Middle East and is likely to continue to bolster near-term oil prices,” Leo Mariani, an analyst with Roth MKM, told clients Monday. Geopolitical risk remains present in the market as Ukraine strikes Russian oil refineries, and Houthi militant attacks in the Red Sea have led to the diversion of crude deliveries around the Cape of Good Hope in southern Africa. Oil has also been grinding higher in 2024 on expectations of strong global demand as OPEC+ holds barrels off the market through at least the second quarter. U.S. crude and Brent have booked three consecutive months of gains. WTI is up 17.8% for the year while Brent has risen 14.2. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Market Predictions Shift: Fed Rate Cut Now Seen as June Event READ MORE Gold and Bitcoin: Vital Challengers to Fiat Currencies READ MORE The Silver Institute: Demand Soars to Near-Record Highs in 2024 READ MORE The Day the Hunt Brothers Capped the Price of Gold (Part I) READ MORE Fed’s Powell: Elevated inflation will likely delay rate cuts this year READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment