Oil rises amid concerns over situation in Gaza, Ukraine

Oil rises amid concerns over situation in Gaza, Ukraine

PanARMENIAN.Net - The price of oil rose above $103 a barrel Tuesday, July 22, on persisting jitters over the situation in Gaza and the standoff over the shooting down of a Malaysian airliner in Ukraine, the Associated Press reports.

U.S. benchmark crude for September delivery was up 21 cents to $103.06 a barrel at 0615 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 91 cents to $102.86 on Monday. The August contract, which expires Tuesday, was up 41 cents at $105.00 a barrel.

Brent crude for September delivery, a benchmark for international oils, gained 3 cents to $107.71 on the ICE exchange in London.

Israel bombed five mosques, a sports stadium and the home of the late Hamas military chief across the Gaza Strip early on Tuesday, as UN chief Ban Ki-moon and U.S. Secretary of State John Kerry met in Cairo to launch the highest-level push yet to end two weeks of Israel-Hamas fighting. The clashes have claimed at least 570 Palestinian and 29 Israeli lives.

The fighting has added to the risk of instability in the oil-rich Middle East just as tensions have intensified between the West and Russia, a major oil producer, over the Ukraine crisis.

 Top stories
“The key powers in the region are unlikely to favor an outbreak of conflict on their southern and eastern flanks,” the report says.
The Commission aims to compensate producers who decide to not harvest some of their goods or give products away for free.
The Energy Minister thanked “our friendly country, Armenia” and his Armenian counterpart “for providing a huge assistance”.
"There have been no new talks on gas exports to Europe, but there are routes and facilities which we need to use," Majedi said.
Partner news