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Oil Prices Surge after Tanker Attack in Gulf of Oman

Oil Prices Surge after Tanker Attack in Gulf of Oman

Thursday, 13 June, 2019 - 10:30
A picture taken on May 13, 2019, shows a crude oil tanker damaged in sabotage attacks off Fujairah. AFP file photo
Asharq Al-Awsat
Oil prices jumped as much as 4 percent on Thursday after the attack on two tankers in the Gulf of Oman.

The Marshall Islands-flagged Front Altair carrying naphtha and the Panama-flagged Kokuka Courageous carrying methanol have been evacuated and the crews were safe.

The incident followed last month's nearby sabotage attacks on vessels off the Fujairah emirate.

Brent crude futures were up $1.71, or 2.85 percent, at $61.68 a barrel by 0908 GMT, having risen as much as 4.45 percent to $62.64.

US West Texas Intermediate crude futures were up $1.25, or 2.44 percent, at $52.39 a barrel. WTI earlier rose as much as 3.85 percent to $53.11.

Both benchmarks are nevertheless headed for a weekly loss.

Oil prices had slumped in the previous session on an unexpected rise in US crude stockpiles and a dimming outlook for global oil demand.

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