Oil prices rise 2% after Iranian oil tanker explosion raises supply concerns


Oil prices rise 2% after Iranian oil tanker explosion raises supply concerns

Oil prices jumped by 2% on Friday after Iranian news agencies said a state-owned oil tanker was struck by two missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions from a crucial producing region.

Iranian media reported that the oil tanker Sinopa, owned by the National Iranian Oil Co, was struck offshore the Saudi Arabian city of Jeddah. The ship suffered heavy damage and was leaking oil into the water, unnamed sources told Iran’s news agency ISNA.

All crew members of the Iranian oil tanker are safe and the situation of the tanker is stable, another news agency reported. International benchmark Brent crude futures LCOc1 rose as much as 2.3% to $60.46 a barrel and were at $60.13 per barrel, up $1.02, by 0648 GMT.

US West Texas Intermediate (WTI) crude CLc1 futures rose as much as 2.1% to $54.69 a barrel and were at $54.47 per barrel, up 92 cents. Read More

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