Commodities for Thursday, Aug. 15, 1985 : Petroleum Futures Higher

Petroleum futures prices were higher Thursday on the New York Mercantile Exchange, partly in response to a report that the Iraquis bombed Iran’s main exporting terminal at Kharg Island.

Reports of damage to the terminal generally weren’t considered very reliable, said Andy Lebow, a petroleum analyst in New York with Shearson Lehman Bros. However, he said, “Traders were fearful that the latest attack could lead to an escalation of the nearly 5-year-old war,” Lebow said.

He added that the market was advancing anyway because of concern about tight supplies of crude oil.

An interruption of supplies from the Kharg Island terminal would further contribute to tightness, he said.

Grain and soybean futures prices were higher on the Chicago Board of Trade.

There were few developments in the grain markets to influence prices, said Walter Spilka, a grain analyst with Smith Barney.

However, a rally on Wednesday stimulated new buying Thursday by traders who watch technical factors such as trends on price charts, Spilka said.