Tanker incident sparks market reaction
Oil prices surged in early trading hours following an alleged attack by Iran on a Kuwaiti-flagged tanker docked in Dubai, which caused a fire but no reported injuries, according to the official KUNA news agency.
Brent and WTI climb
The price of North Sea Brent crude rose 2.05% to $109.59 per barrel around 03:40 Cyprus time, while West Texas Intermediate (WTI) gained 2.96%, reaching $105.93 per barrel.
WTI crosses $100 again
WTI closed above $100 per barrel yesterday for the first time since the outbreak of the US-Israel conflict with Iran on 28 February, reflecting heightened market concerns over regional stability and supply disruptions.
Market analysts continue monitoring geopolitical developments as tensions in the Gulf impact global oil prices.
Source: CNA
Also read: Kuwait attack hits desalination, UN peacekeeper killed in Lebanon
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