Crude Oil Jumps on Tanker Attacks

Credit: AP:Associated Press

Two tankers were reportedly attacked this morning near the Strait of Hormuz. About 30% of the world’s sea-borne crude oil passes through the Strait of Hormuz, which links the Gulf of Oman and the Persian Gulf.

The Kokuka Courageous, operated by Singapore-based BSM Ship Management, said it had been attacked by two projectiles, thought by some to be torpedoes.

The second tanker, the Front Altair, was also attacked while sailing between the UAE and Iran, the Norwegian Maritime Agency said in a statement.

All crew members were evacuated and were safe, according to the owners of the two ships. The US Navy said it was providing assistance.

This comes nearly a month after four ships were targeted in what the UAE described as a “sabotage attack.” There were no deaths in either incident.

Crude oil prices surged after the report, WTI Crude up as much as 4% and Brent Crude up nearly 3%.