Oil Prices Jump After Tanker Attack in Gulf of Oman Near U.A.E. - Bloomberg

Oil Prices Jump After Tanker Attack in Gulf of Oman Near U.A.E. - Bloomberg:

The latest attacks could set the stage for a tense meeting when the OPEC cartel -- to which both Saudi Arabia and Iran belong -- and its allies gather in coming weeks to decide oil-production levels for the second half of the year. The group has been struggling to settle on an exact date as the Saudi-Iran dispute once again impedes its ability to make decisions.

WTI futures for July delivery closed up $1.14 at $52.28 a barrel on the New York Mercantile Exchange, after earlier climbing to $53.45. Even after Thursday’s gain, prices are still down over 3% for the week.

Brent for August settlement advanced 2.3% to 61.31 a barrel on London’s ICE Futures Europe Exchange, after reaching as high as $62.64 earlier. It fell 3.7% on Wednesday to the lowest in almost five months. The global benchmark crude traded at a premium of $8.77 to West Texas Intermediate for the same month.