Oil prices surge in global market amid escalating Iran-Israel tensions
The price of Brent crude had fallen to around $87 per barrel on Wednesday following higher US inventories and the decline in Chinese demand due to a slowing economy.
Oil prices spiked by about three percent on Thursday after conflicting reports of an “attack” and an “accident” involving two oil tankers in the Gulf of Oman.
Iran’s media reported that the country’s navy rescued 44 crew members from the tankers, saying they caught on fire after an “accident”.
However, the US Fifth Fleet said it had received two distress calls after a “reported attack on tankers” in the Gulf.
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A merchant shipping information service run by Britain’s Royal Navy meanwhile reported an “incident”.
“UK and its partners are currently investigating,” the United Kingdom Marine Trade Operations (UKMTO) said on its website, without giving further details.
In early morning deals in London, the price of Brent North Sea crude oil rose as high as USD 62.64 per barrel. It later stood at USD 61.41, up USD 1.44 from Wednesday’s closing level.
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