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Oil Prices Surge 2% After Attacks In The Gulf

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Oil Prices Surge 2% After Attacks In The Gulf

Oil Prices Surge 2% After Attacks In The Gulf

According to Reuters, Oil prices jumped about 2% on Thursday following 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.

Analysts said are afraid these attacks could become more widespread and impact oil flows from the Middle East, particularly if insurance companies begin to reduce coverage for voyages through the Strait of Hormuz and more shipping companies suspended trips to the region.

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Oil Prices Surge 2% After Attacks In The Gulf

BC-ML--AP Explains-Iran-US-Aircraft Carrier MAY 13, 2019, FILE PHOTO.

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