Oil Jumps on Middle East Tanker Attacks, an Industrial Info Market Brief

The price of benchmark Brent crude oil rose as much as 4% on Thursday following reports that two tankers carrying petroleum products in the Gulf of Oman were attacked. According to news media, the Norwegian-owned Front Altair was carrying 75,000 tons of naphtha and was suspected of being hit by a torpedo or mine. The Japan-owned Kokuka Courageous was reportedly carrying methanol and was hit by a suspected torpedo. No one had taken blame for the attacks, which come a month after attacks on four tankers near the United Arab Emirates. Those attacks were less severe, requiring no evacuations, as the most recent attacks did. The attacks were near the Strait of Hormuz, through which about 30% of the world's seaborne crude oil passes.