World oil prices rebounded strongly Thursday after Iran shot down a US spy drone near the Strait of Hormuz, a major choke point for world crude shipments.
Oil also won solid support, in tandem with global stock markets, from the US Federal Reserve signaling it could soon cut interest rates, while the dollar and US Treasury yields fell.
London equities forged higher ahead of a Bank of England interest rate decision due at 1100 GMT. Borrowing costs are expected to remain at 0.75 percent despite persistent Brexit turmoil.
Iran’s Revolutionary Guard Thursday had shot down a US spy drone which violated Iranian airspace near the Strait of Hormuz, in the latest incident to stoke tension in the area.
Source: AFP
