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Oil prices surge after Gulf of Oman attacks

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Oil prices surge after Gulf of Oman attacks Empty Oil prices surge after Gulf of Oman attacks

Post by RamblerNash on Fri Jun 14, 2019 12:02 am

Oil prices surge after Gulf of Oman attacks

Oil prices surge after Gulf of Oman attacks Def109de6f17f797180d5dda8975b22c_L

06/13/2019 - 23:30

Global crude prices rose 2.2% on Thursday after two attacks on two oil tankers in the Gulf of Oman.

The attacks have fueled fears of a decline in crude trade flows through one of the world's major shipping lanes.

Insurance companies began reducing their coverage of trips across the region, and additional shipping companies suspended new bookings.

Brent crude for the year ended $ 1.34, or 2.23%, at $ 61.31 a barrel after jumping 4.5% at $ 62.64 earlier in the session.

US benchmark WTI futures rose 1.14 dollars, or 2.23 percent, to settle at $ 52.28 a barrel after hitting a high of $ 53.45.

The benchmark indexes posted their biggest one-day gain since early January but are heading towards ending the week on a loss.

Oil prices fell in the previous session due to an unexpected increase in US crude inventories and weaker outlook for global demand for crude.

http://www.basnews.com/index.php/ar/economy/world/526926
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