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Oil is surging after a suspected torpedo attack on 2 tankers in the Gulf of Oman

June 13, 2019


The price of oil surged on Thursday after a suspected attack on two tankers in the Gulf of Oman.

One of the vessels, Front Altair, was “suspected of being hit by a torpedo,” according to the Associated Press, citing Taiwan’s state oil refiner CPC Corp, which chartered the vessel.

West Texas Intermediate crude jumped 3% to $52.70 a barrel, while Brent crude jumped 3.8% to $62.04. Oil was previously trading at five-month lows, reflecting a glut of US crude and concerns that the US-China trade war could weaken global economic growth and temper demand for oil.

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