FX.co ★ Oil prices rise as supply risks persist

According to analysts, oil prices continue to increase amid persisting concerns about supply disruptions.

Thus, Brent for September settlement added 0.4% to trade at $74.59 a barrel on the London-based ICE Futures Europe exchange. Meanwhile, NYMEX West Texas Intermediate crude oil price for September delivery rose by 1.31% to $69.59 a barrel.

Production at three oil fields in the North Sea declined after a series of workers’ strikes. Meanwhile, the level of geopolitical tensions in the Middle East is still high. The first round of US sanctions against Iran would come back into effect on August 4. At the same time, Saudi Arabia has not yet resumed oil shipments through the Bab al-Mandeb strait. Experts say oil prices growth could continue in the fourth quarter of 2018.