Explosion in Iranian tanker off Jeddah raises oil prices

On Oct 11, 2019 5:29 PM

GULF, Oct. 11 (YPA) – Oil prices rose on Friday, affected by an explosion in an Iranian oil tanker in the Red Sea off the coast of Jeddah.

Brent futures rose 2.11 percent to $ 60.29 a barrel, according to Bloomberg website data.

US West Texas Intermediate crude futures rose 1.83 percent to $ 54.53 a barrel.

Iranian television reported an explosion at the Iranian tanker Sinoba near the Saudi port of Jeddah on Friday, which resulted in a fire on board and oil spill in the Red Sea, while experts did not rule out that the explosion was caused by a terrorist act.

YPA