WTI jumps on geopolitical woes
Publish Date : 2019/10/09 - 11:51

WTI caught fresh bid last hour and broke its previous trend to regain the 53 handle on escalating Iran-Turkey geopolitical tensions over Syria.

The reports that Iran's military launched an unannounced military drill near the country's border with Turkey helped put a bid under the oil, as heightening geopolitical tensions could threaten oil supplies.

Tensions prevail between Turkey and Iran-allied Syria to clear the northern region of the country of Kurdish militants from the border.

latest comments from the Iranian President Rouhani urges Turkey to avoid any military action in Syria. “We have openly said that the only solution to ensure safety and security in southern Turkey and northern Syria is the presence of the Syrian army. We are calling on our friendly and brotherly neighbor Turkey to act with more patience and restraint, and to revise its decision and chosen path,” he added.

On the Mid-East supply risks, political unrest in the OPEC’s two oil producers, Iraq and Ecuador, threatens to disrupt the oil output.

Source: fxstreet

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