The best regulated crypto exchange
Find out why?

Oil price rises after Iranian tanker attack

By Lawrence Gash

Biggest daily jump since September’s Saudi Aramco attack

Oil price rises after Iranian tanker attack

Reports from Iranian media that a state-owned oil tanker had been struck by missiles in the Red Sea led to a jump in oil prices.

The missile attack on the Iranian Suezmax crude tanker Sabiti led to a rate as high as $60.65 a barrel in mid-morning trading.

Both oil benchmarks recorded their biggest daily rise since September 16, after the attacks on two Saudi Aramco facilities which temporarily cut the kingdom’s crude output by half and pushed prices up by about 20%.

The International Energy Agency (IEA) stated that global oil markets actually face oversupply next year because of global demand slowing and a quick recovery from the Saudi attacks.

Troubled economic prospects for 2020 prompted the IEA to reduce its forecast for oil demand growth by 100,000 barrels per day to 1.2 million. This bearish forecast has caused crude prices to level off as investors look to the future.

Brent Crude Oil Spot
Trader sentiment
0%
0%
Daily change
0
Low: 0
High: 0
Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a Currency.com contributor.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image