For Quick Alerts
For Daily Alerts

Crude Oil Prices Rise After Two Oil Tankers Explode In The Gulf Of Oman


On Friday, international oil prices extended their gains after attacks on two oil tankers in the Gulf of Oman. The attack has raised concerns of reduced supply via one of the key shipping routes in the world and escalations in tensions between Iran and the US.

The attacks took place near Iran and the Strait of Hormuz on Thursday. It is the second time in a month that oil tankers have been attacked on this shipping route.

Crude Oil Prices Rise After Two Oil Tankers Explode In The Gulf Of Oman


Oil prices surged as much as 4.5 percent on Thursday. International benchmark Brent crude futures rose 50 cents or 0.8 percent on Friday to $61.81 a barrel, having closed significantly higher by 2.2 percent on Thursday.

Petrol and diesel prices in India, that are based on the 15-day average of the international oil prices and forex, may rise, if the tensions do not ease soon.

The oil prices rose on Thursday after the United States was quick to blame Iran for the attacks, while Tehran denied the allegations.

The US military released a video and said that the video showed an Iranian navy boat removing an unexploded mine that was attached to the hull of the Japanese-owned chemical tanker Kokura Courageous, one of two tankers attacked on Thursday, according to a CNN report. The American Secretary of State Mike Pompeo said that Iran was blamed for attacking the Kokura Courageous and another ship, Norwegian-owned Front Altair, based on the assessment of its military's intelligence.

Relations between the US and Iran have been tense since American President Trump withdrew the 2015 multinational nuclear pact with the Middle Eastern oil producing country and reimposed sanction on its exports, hurting its crude exports greatly.

Analysts now await to see what action may be taken by the US military in the region.

Read more about: iran oil petrol diesel
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more