Oil prices rise after Middle East tanker attacks

NEW YORK (Reuters) – Oil prices rose more than 1% on Monday, lifted by growing concern over supply disruptions in the Middle East even as a standoff in the Sino-U.S. trade talks prompted investors to fret about the global economic outlook. Brent crude futures rose 83 cents to $71.45 a barrel, a 1.2 percent gain, by 10:38 a.m. EDT (1438 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 69 cents to $62.35 a barrel, a 1.1 percent gain. Saudi Arabia on Monday said two Saudi oil tankers were among vessels attacked off the coast of the United Arab Emirates. It was unclear how the attacks occurred. “The attack on a couple of Saudi oil tankers off the coast of UAE has forced an additional price spike across the energy complex as the market factors in some additional geopolitical risk,” said Jim Ritterbusch, president of Ritterbusch and Associates, in a note. The UAE said on Sunday that four commercial vessels were attacked near Fujairah, one of the world’s largest bunkering hubs. The port lies near the Strait of Hormuz, one of the world’s most important oil export waterways. Iran’s foreign ministry described the incidents as “worrisome and dreadful” and called… continue reading

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