Oil prices rose sharply on Friday, as investors closely watched the latest development of the two explosions that hit Iranian oil tanker in Red Sea, which spurred fears over disruption in crude production in the region.
The West Texas Intermediate for November delivery rallied 1.15 U.S. dollars to settle at 54.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 1.41 dollars to close at 60.51 dollars a barrel on the London ICE Futures Exchange.
Two separate explosions hit an Iranian oil tanker in the Red Sea 60 miles off Saudi Arabia's Jeddah port city on Friday morning, official IRNA news agency reported.
The explosions, possibly caused by the "missile strikes," caused serious damage to the vessel and oil is spilling to the sea, the report said.
Technical experts are currently investigating the cause of the incident, it added.
Iran's Foreign Ministry on Friday expressed concerns over oil spill from the damaged Iranian oil tanker, which might result in environmental pollution.
Source:cctvplus
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