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Samson: Oil prices rise after an explosion on an Iranian tanker off Jeddah

12th October 2019

Oil prices rose during today’s trading due to an explosion in an Iranian oil tanker in the Red Sea off the coast of Jeddah.

Brent futures rose 2.01% to $ 60.29 a barrel by 09:00 Moscow time, according to Bloomberg data.

US West Texas Intermediate crude futures rose 1.83% to $ 54.53 a barrel.

According to the agency “ISNA” an explosion occurred in an Iranian tanker near the Saudi port of Jeddah today, resulting in a fire on board, while experts did not rule out that the explosion was caused by a terrorist act.

As the tanker exploded, Gulf tensions reignited over the oil markets, with markets worried about the impact on global oil supplies.    LINK