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Iranian Tanker Hit In Potential Strike, Oil Prices Jump

Tanzeel Akhtar

Oil prices jumped Friday after an Iranian tanker near the Saudi Arabian coast suffered damage in what is suggested to have been a missile attack.

The vessel Sabiti was 60 miles from the Saudi Arabian port of Jeddah when it was likely hit by missiles that damaged its main tanks, according to its owner, the National Iranian Oil Company, The Wall Street Journal reported.

Iranian state television earlier reported that the tanker had been hit by two missiles off Saudi Arabia’s coast, quoting the the vessel's owner.

The Russian foreign ministry said it was too early to assign blame for the explosion of the Iranian oil tanker in the Red Sea near Saudi Arabia, Reuters reported. 

In June, two tankers in the Gulf of Oman suffered significant fire damage; one was docked in Saudi Arabia and destined for Singapore, and the other was a tanker owned by Frontline Ltd that was carrying a petrochemical feedstock from the Persian Gulf to Japan.

Price Action

Brent crude was trading higher by 1.13% at $59.77 at the time of publication. 

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