Oil prices surge 2% after suspected tanker attack near Iran - Reuters

Oil prices surge 2% after suspected tanker attack near Iran - Reuters:

Oil prices jumped about 2% on Thursday following a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

The attacks stoked fears such attacks could become more widespread and impact oil flows from the Middle East, particularly if insurance companies begin to reduce coverage for voyages through the Strait of Hormuz and more shipping companies suspended trips to the region, analysts said.

“These types of attacks have always been a concern,” said Andy Lipow, an analyst at Lipow Oil Associates in Houston. “But the impact of tanker owners not chartering their vessels and insurance companies potentially refusing to provide coverage could further exacerbate the supply problem.”