Brent Crude Up More Than 4% Following Reports of Two Major Explosions Targeting Oil Tankers in the Gulf of Oman

June 13, 2019

Oil prices surged after a unit of the United Kingdom’s Royal Navy said it is investigating an incident along the Gulf of Oman involving a tanker that sent a distress signal to a port in the UAE.

According to data compiled by “Bloomberg”, the tanker was loaded at Abu Dhabi prior to sailing away, and the UK and its partners are currently investigating the matter.

The market reacted, and Brent crude futures increased by 4.24% to $ 62.51 a barrel, while US crude rose 3.3% to $ 52.82 a barrel.