Crude oil is up $2.20 and Brent is up $2.26

The Saudi energy minister is on wires saying:

  • Confrms our commitment to oil market stability for benefit of producers and consumers falling US withdrawal from Iran nuclear deal
  • in close contact with OPECs presidency, Russia and the US and will contact other producers and major consumers over next few days to ensure market stability
  • Kingdom will work closely with major OPEC and non-OPEC producers and with key consumers to mitigate effects of any supply shortages

The price of crude oil is up $2.20 while Brent is up $2.26