Oil Prices Rise Following Attacks On Two Oil Tankers Near Iran

Both ships are significantly damaged, and their crews have been evacuated.

Oil prices rose following two attacks on oil tankers in the Gulf of Oman, close to Iran.

The proximity of the attacks near the Strait of Hormuz heightens the prospect of danger and instability in Earth’s busiest oil shipping corridor.

The region was already tense, with the US and Iran increasingly at odds.

Oil prices had been falling earlier in the day before the attack.

US West Texas Intermediate rose 3.2% to $52.77.

Brent Crude rose 2.8% to $61.65.

At the time this was written (10:10 am central time), the Canadian Crude Index was up $1.64 to $36.26, a rise of $4.74%.

Regarding the attacks, there has been no claim of responsibility at this time. The US Navy says they are “rendering assistance.”

The two ships attacked were the Kokuka Courageous, which was in transit from Saudi Arabia to Singapore. The ship’s manager says the vessel is not in danger of sinking, and says there is no leak of its cargo.

The other ship is the Front Altair, owned by Frontline, a Norwegian company.

Below you can view the aftermath of the attacks:

Spencer Fernando

Photo – YouTube

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Somebody did something.

Wouldn’t it be nice to have pipelines for Canadian petroleum to be able to help the entire free world with the upcoming oil shortage. Justine could be seen as a hero and savior instead of what he really is.

Frank

Meanwhile Climate Barbie and Trudeau are perfectly happy to have oil tankers from Saudi Arabia head up the St. Lawrence Shitway to supply Quebec oil as there is no “social license” for a pipeline from Alberta. Is that correct Spencer? Madness.

Marlin

We need a pipeline for sure! This Liberal Government has done so much damage during their tenure that it will take a very long time to mend if ever.