Oil surges on Gulf tanker attacks

14 Jun 2019


NEW YORK: Oil futures jumped on Thursday after suspected attacks on two tankers off the coast of Iran, while US Treasury yields edged lower as economic data seemed to strengthen the case for the Federal Reserve to cut interest rates this year.

After falling hard on Wednesday, oil futures rebounded sharply after news of a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

US crude rose 2.97pc to $52.66 per barrel, recouping much of the previous day’s 4pc drop. Brent was up 2.7pc at $61.57.

Wall Street’s major stock indexes climbed after falling for two days as investors regained their appetite for risk assets.

Published in Dawn, June 14th, 2019