Oil Prices Up As Iran Tests Ballistic Missiles, OPEC Raises Economic Forecasts



Oil prices rose on Tuesday pushing up average gasoline prices at the pump on concerns supply could be disrupted as Iran tested a ballistic missile in the Gulf of Oman, while demand hopes were led by OPEC raising its economic forecasts.

Nymex WTI, the U.S. benchmark crude oil futures contract, was up 1.8% in afternoon trading at $78.27 a barrel — its seventh-consecutive daily gain. Closing in on the $80-a-barrel mark would take it to its highest level since November.

Brent crude, the European benchmark, was up 1.2% at $82.97 a barrel, while the United States Oil Fund (NYSE:USO) an exchange-traded fund (ETF) that tracks the price of light-sweet crude, climbed 1% to $72.80.

Iran Launches Missiles

Iran said on Tuesday that it had launched long-range ballistic missiles from one of its warships in the Gulf of Oman for the first time, firing two projectiles capable of striking targets within a range of 1,700 kilometers, or 1,050 miles.

The missile, according to the Iranian Islamic Revolutionary Guard Corps. (IRGC), traveled 750km, before …

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