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Crude oil Jumps 4% After Attacks on Two Tankers



  • Crude oil Jumps 4% After Attacks on Two Tankers

Crude oil price surged more than 4 percent on Thursday following a report that two oil tankers were attacked near Iranian coast.

The Singapore based operator, BSM Ship Management, said the Kokuka Courageous was about 14 nautical miles from the coast of Iran before it was attacked.

Another tanker, the Front Altair, was also attacked while sailing between the UAE and Iran, a Norwegian Maritime Agency stated in a statement.

“There were reportedly three detonations on board the ship,” the agency said.

Brent crude, Nigerian type of crude, jumped 4.4 percent to $62.59 a barrel after previously falling 3.7 percent to $59.9 a barrel.

The U.S. West Texas Intermediate crude gained 4.1 percent to $53.24 a barrel.

While no-one has claimed responsibility for the attacks, a US official has said Iran is highly likely to be behind it.

Iran, however, said it is not to blame.

In a speech televised on state TV, President Hassan Rouhani said: “Security is of high importance to Iran in the sensitive region of the Persian Gulf, in the Middle East, in Asia and in the whole world.”

“We have always tried to secure peace and stability in the region.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.