Markets

Brent crude soars after Gulf of Oman tanker attack

Embed from Getty Images

An attack on two oil tankers in the Gulf of Oman sent crude prices up on Thursday, putting the industry at the core of rising tensions in the region.

As the US
Navy said it was assisting the tankers in waters close to the Strait of Hormuz,
Brent crude surged as much as 4.5 per cent – bouncing back from a five-month
low propelled by supply concerns in recent weeks.

A barrel of Brent crude enjoyed its largest intraday gain since April, hitting $62.57 per barrel before pulling back to $61.31 in the early evening.

The incident is one among many assaults on oil infrastructure in the Gulf over the past month. Two Saudi-owned oil vessels were sabotaged in the Persian Gulf in early May after the United States tightened its sanctions against Iran, while a Norwegian ship was also damaged in the same area.

US
Secretary of State, Mike Pompeo, told reporters at the US State Department that
Iran was responsible for the attacks on Thursday. “It is the assessment by the
United States government that the Islamic Republic of Iran is responsible for
the attacks that occurred in the Gulf of Oman today,” he said.

Irans foreign
minister, Mohammad Javad Zarif, said “suspicious doesnt begin to describe”
Thursdays attacks ahead of a visit by Japans prime minister, Shinzo Abe.

Mr Abe, who was meeting supreRead More

Related Posts