Oil prices up on Middle East supply fears
An attack on Saudi oil tankers off the coast of the UAE, believed to be a deliberate act of sabotage, has added impetus to a growing risk premium in the region
London — Oil futures rose on Monday on increasing concerns about supply disruptions in the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-US trade talks. Brent crude futures were at $71.71 a barrel by 9.12am GMT, up $1.09. US West Texas Intermediate (WTI) futures were at $62.45 a barrel, up 79c. Saudi Arabia said on Monday that two Saudi oil tankers were among vessels targeted by a “sabotage attack” off the coast of the United Arab Emirates (UAE), condemning it as an attempt to undermine the security of global crude supplies. The UAE said on Sunday that four commercial vessels were attacked near Fujairah, one of the world’s largest bunkering hubs. The port lies near the Strait of Hormuz, one of the world’s most important oil export waterways. Iran’s foreign ministry called the incidents “worrisome and dreadful” and asked for an investigation into the matter. Saudi Arabia and the UAE are the largest and third-larges...
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