The Oil commodity showed a hike in market on Wednesday because of the reports that Iran was moving warships through the Suez Canal on their way to Syria.
This move is named as "a provocation," by Avigdor Liberman the Israeli Foreign Minister saying that it was "something which has not happened in many years."
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| Crude Hike |
The prices of the commodity Crude oil for delivery of March showed hike of 1.2% that is $85.95 a barrel and brent crude, which is traded primarily overseas in Europe got a 2.1% hike and reached at $103.31 a barrel. It is still considered as a little bit vague by traders. As Suez Canal is a key passageway for international trade. Millions of barrels of oil move through it every day on the way to both Europe and North America. The news that Suez canal is going to get closed due to Egypt turmoil the prices of oil in commodity is shown a hike in market. This news of commodity is probably destabilizing the market and ragging protest in oil rich countries
