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Oil prices spike after Iranian tanker blast

October 11, 2019: Oil prices surged more than two percent Friday after an Iranian tanker was hit by suspected missile strikes in Saudi Arabia, sparking fresh supply concerns with tensions already high after last month's attacks on two Saudi crude facilities.

The National Iranian Tanker Company, which owns the ship, said the hull of the Sabiti was hit by two separate explosions off the Saudi coast, saying they were “probably caused by missile strikes”.

The news sent Brent surging 2.3 percent to $60.46, while West Texas Intermediate jumped 2.1 percent to $54.69. Prices had already been rising on growing hopes for a breakthrough in the China-US trade talks.

The blasts come just weeks after two of Saudi Arabia's biggest oil installations were hit, wiping out five percent of global production. That caused a record rise in prices for both main contracts, though they have since subsided.

APP

Posted on: 2019-10-11T13:00:00+05:00

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