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Oil rises after sabotage attack on Saudi tankers in Gulf

2019-05-13 09:01 am | Resource: NEWS | No Views : 30

 Oil rises after sabotage attack on Saudi tankers in Gulf

Crude oil prices rose on Monday as investors focused on latest trade deals after the United States and China ended their last round of negotiations that ended without a deal on Friday.

Investment incentives in the oil market remained strong despite persistent trade tensions that raised fears of economic instability. The traders also followed a statement by the UAE Foreign Ministry on Sunday that four merchant ships targeted "sabotage" near Fujairah, according to a statement published by the UAE news agency (WAM).

"Submerging merchant ships for vandalism and threatening the lives of their crews is a dangerous development," the ministry said. No casualties were reported as a result of the incident, but failed to provide further information about the vessels. Earlier in the day, several explosions were reported to have rocked the port in the emirate, the world's second largest supply center, when tankers caught fire.

Al-Faleh: Attack on two Saudi oil tankers near the UAE

Saudi Arabia's minister of energy, industry and mineral wealth Khalid al-Falih said on Monday that a "sabotage attack" took place off the coast of the emirate of Fujairah on Sunday, targeting two Saudi oil tankers and causing "serious damage." "

In a statement published by the Saudi Press Agency, pointed out that the attacks, however, did not cause oil spill or casualties.

The statement issued by the minister that the tankers were on their way to the Persian Gulf to deliver Saudi oil to Saudi Aramco customers in the United States. "The joint responsibility of the international community to protect the safety of maritime navigation, especially oil tankers, is to avoid harmful effects on energy markets and the global economy.

Iran asks for more information on "sabotage" in Fujairah

Iranian Foreign Ministry spokesman Abbas Mousavi said on Monday that Tehran was asking for more information regarding the alleged "sabotage attack" on two Saudi ships near the port of Fujairah. Moussaoui's remarks came as other Iranian officials, the most prominent of them, said.
  • Deputy Security Council of Iran: Fujairah bombings show that the security of the Gulf is fragile
  • Iranian Navy commander: US leaves the Persian Gulf

The US Embassy in Baghdad issued a security warning advising all US citizens not to travel to Iraq because of growing tensions in the country and the region. The embassy also advised US citizens to avoid places known as the American citizen gathering points, to maintain a low level, and to understand what is around them.

Oil contracts
 
  • The WTI crude oil for June delivery rose 0.37% to $ 61.89 a barrel at 09:18 am.
  • , While Brent crude for July delivery rose 0.84% ​​to trade at $ 71.20 a barrel at 09:20 am.


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