Oil rises as tanker attacks heighten Strait of Hormuz supply fears
Oil prices rose more than 2% on Friday and headed for a fourth consecutive monthly gain as tanker incidents in the Strait of Hormuz and the possibility of renewed US strikes on Iran heightened concerns about crude supplies.
Brent crude traded above $117 a barrel, while US West Texas Intermediate rose above $104. Estimates from The Express Tribune and The National put the benchmarks’ monthly gains at roughly 12% to 15%, depending on contract and reporting time.
The UK Maritime Trade Operations agency said a tanker was approached by a small boat that attached two explosive devices to its hull above the waterline. The blasts caused an engine-room fire that temporarily disabled the vessel, but the fire was extinguished and the crew was safe. UKMTO also reported a tanker struck by an unknown projectile and a dhow that caught fire and sank following another maritime security incident. …