Oil rises after reports of Iranian tanker attack

Oil prices rose as high as $60.65 a barrel on Friday after Iranian media said a ...

LONDON - Oil prices rose as high as $60.65 a barrel on Friday after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, but bearish oil demand forecasts soon pulled crude off session highs.

Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after the attacks on Saudi installations knocked out more than half of the kingdom’s crude output and temporarily pushed oil prices up by about 20%.U.S. West Texas Intermediate crude CLc1 futures rose 95 cents to $54.50 .

“In terms of oil prices, the impact is limited unless you think Iran is going to retaliate in the Strait of Hormuz ... It’s going to be more supportive in the freight market. Potentially it can increase insurance premiums .”

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