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Last Updated : Oct 11, 2019 02:27 PM IST | Source: Moneycontrol.com

Crude price today: Oil surges 3% on supply worries after Iranian tanker hit by double blast off Saudi Arabia

International benchmark Brent crude futures rose as much as 2.3 percent to $60.46 a barrel and stood at $60.33 per barrel, up 2.08 percent

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Crude oil futures surged 2.85 percent in intraday trade amid worries over supply from crucial oil producing regions after Iranian news agencies said a state-owned oil tanker was struck by two missiles in the Red Sea near Saudi Arabia.

October crude oil futures traded at Rs 3,883 per barrel on the MCX at 14:18 hours IST, up 2.59 percent or Rs 98 over its close on October 10.

International benchmark Brent crude futures rose as much as 2.3 percent to $60.46 a barrel and stood at $60.33 per barrel, up 2.08 percent, and US West Texas Intermediate (WTI) crude futures traded at $54.62 a barrel, up two percent, at the time of publishing this copy.

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Iranian state TV reported that the oil tanker Sinopa, owned by the National Iranian Oil Co, was struck off the coast of the Saudi Arabian city of Jeddah. The ship suffered heavy damage and was leaking oil into the water, unnamed sources told Iran's Students News Agency (ISNA).

All crew members of the Iranian oil tanker are safe and the situation of the tanker is stable, Iran's Nour news agency said.

The report of Iranian oil tanker incident follows the September 14 attacks on two Saudi Arabian oil processing plants that knocked out more than half of the kingdom's crude oil output that caused a spike in oil prices.

Tensions in the Middle East have escalated in the wake of attacks on tankers and US drones in the Strait of Hormuz, a key shipping artery of the global oil trade.

(With inputs from Reuters).

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First Published on Oct 11, 2019 02:27 pm
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