Oil prices jumped Friday morning after reports of an Iranian tanker explosion in the Red Sea raised the possibility of tensions in an already simmering Middle East.
The tanker sustained damages after being hit by missiles that were launched from the Saudi Arabian port of Jeddah, according to the state-run IRNA news agency, citing Iran’s National Iranian Tanker Co. The stricken vessel was identified as the Sabity, according to those reports.
West Texas Intermediate crude for November delivery climbed 86 cents, or 1.6%, to $54.41 a barrel, while the global benchmark, December Brent crude jumped 86 cents, or 1.5%, to $59.97 a barrel.
Source : Marketwatch