From the Field

Oil surges after “sabotage” attacks on Saudi tankers

Multinational

LONDON, May 13, 2019 – Crude oil prices have risen sharply overnight in response to attacks on two Saudi Arabian tankers near the entry to the Persian Gulf. Saudi news reports called the incident “sabotage attacks”, and hinted strongly that the kingdom suspects Iran of being behind them.

The attacks come a week after the US dispatched a carrier task force to the Gulf to help impose a crackdown on Iranian oil exports. Saudi Arabia has angered Iran by offering to make good any shortfall in supplies to the Islamic Republic’s traditional clients.

WTI futures were up 84 cents a barrel or 1.3% at $62.49, while the international Brentblend was up $1.16, or 1.7% at $71.80.