Iran Oil attacks

Oil prices jump 2% as Iran’s state media reports its tankers were hit by two missiles

One of the biggest news stories of the day, apart from the US-China trade talks, has just surfaced. According to Iran’s state media, one of its tankers was attacked off the Saudi Arabia Coast and it has caused damage as well as an oil spill in the Red Sea. Now, the Iranian state media also says that two missiles struck their tanker which was passing through the Red Sea and very close to the port city of Jeddah which is located in Saudi Arabia.

After the news broke out about this attack, it was seen that the prices of oil globally jumped up 2% in a very short span of time. This is because of the fact that everyone anticipates that the tension will rise once again and there will be more attacks between Iran and Saudi Arabia. Brent crude futures were up 2.07% at $60.33 a barrel by 8:00 a.m. London time. National Iranian Oil Company told NBC that “the tanker was hit by two explosions at 5:00 a.m. and 5:20 a.m. local time”.

It is also known from CNBC’s report that IRNA news agency identified the vessel as the Sabity, with NBC reporting that the crew were uninjured and were working to stabilize the ship. Also, they said that the oil spill was stopped and “situation is under control.” after leaking oil for several hours in the Red Sea. IRNA reported on its website that “According to Public Relations and International Affairs Department of National Iranian Oil Company, the oil tanker named Sabity belonging to the company sustained damages to the body when it was hit by missiles 60 miles from the Saudi port city of Jeddah,” and added that “The cause of the incident is currently under investigation by the experts.” However, we already know that two missiles have reportedly hit the tanker which is a primary cause of this spill.

Saqib Malik

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