Rising tensions in the Middle East increased oil prices earlier this year. Saudi Arabia reportedly broke off diplomatic relations with Iran after the assault in the Saudi embassy.
Today (4/1), Ministry of Foreign Affairs of Saudi Arabia announced that, "Foreign Minister Adel al-Jubeir (from) the Kingdom of Saudi announced the severance of diplomatic relations with Iran". The decision was announced following arson and assault in the Office of the Embassy of Saudi Arabia in Tehran.
Disputes between the two nations heats up after Saudi executions in Nimr al-Nimr a result Shia cleric accused of terrorism. Although direct impact on oil supply is very limited, but the tension between the two countries is estimated to increase sectarian problem in Islam.
Oil futures contract, West Texas Intermediate (WTI) opened higher 1:52 percent to the US dollar 37.80 per barrel, while Brent following the increase of 1.6 per cent to USD 38.28 per barrel. Last week, oil prices rose slightly ahead of year-end holidays, but ended the year 2015 with a sharp decline due to the increasing global oil supplies.
Today (4/1), Ministry of Foreign Affairs of Saudi Arabia announced that, "Foreign Minister Adel al-Jubeir (from) the Kingdom of Saudi announced the severance of diplomatic relations with Iran". The decision was announced following arson and assault in the Office of the Embassy of Saudi Arabia in Tehran.
Disputes between the two nations heats up after Saudi executions in Nimr al-Nimr a result Shia cleric accused of terrorism. Although direct impact on oil supply is very limited, but the tension between the two countries is estimated to increase sectarian problem in Islam.
Oil futures contract, West Texas Intermediate (WTI) opened higher 1:52 percent to the US dollar 37.80 per barrel, while Brent following the increase of 1.6 per cent to USD 38.28 per barrel. Last week, oil prices rose slightly ahead of year-end holidays, but ended the year 2015 with a sharp decline due to the increasing global oil supplies.
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