Middle East Torpedo Attacks Send Oil Price Soaring

Oil prices surged early on Thursday after two oil tankers were reported to have been hit by explosions in the Gulf of Oman between Iran and the United Arab Emirates (UAE), a month after a previous incident in Middle Eastern waters.

As of 09:35 a.m. EDT on Thursday, WTI Crude was surging 3.17% at $52.76, while Brent Crude was soaring 3.42% at $62.02, as renewed tension in the Middle East has the market worried that oil supply along the world’s most important chokepoints in the region may be under threat.