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Iran claims oil tanker hit by missiles off Saudi coast

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/10/2019 (15:13)
Iranian state news agency reported that an oil vessel belonging to the National Iranian Oil Company (NIOC) was hit by two missiles near the Saudi port city of Jeddah early on Friday.

The vessel’s two main storage tanks were reported to have been damaged and the explosion caused an oil spill into the Red Sea. However, the country’s state agency stressed that the leak was brought under control and crew members on board of the vessel were all safe.

During intraday trading, the two benchmarks for pricing crude oil jumped following the news of the incident. ICE Brent and NYMEX crude futures were both up 2% from Thursday’s settlement in mid-afternoon trade.

In September, a major drone attack hit Saudi Aramco’s oil processing facilities in Abqaiq and Khurais in Saudi Arabia. The attack, which halved the country’s oil production, was claimed by the Houthis, while Saudi Arabia blamed Iran for the drone strikes.

Following this attack on Saudi facilities, oil prices posted their biggest ever intraday jump, surging by around 20% on September 16.
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