Oil price jumps after Gulf of Oman tanker 'attacks' - as it happened
Rolling coverage of the latest economic and financial news, as tanker fires send crude prices soaring
- Summary: Oil jumps after Gulf attacks
- US: Iran probably responsible
- Iran: It's very suspicious
- Oil up 4.5% on fears of US-Iran tensions
- Tanker incident in Gulf of Oman
- Two tankers hit - Front Altair and Kokuka Courageous
4.57pm BST
What different countries have said about an incident involving two oil tankers in the Gulf of Oman pic.twitter.com/AfEexccS5I
4.54pm BST
Ellie Geranmayeh of the European Council on Foreign Relation points out that the Middle East doesn't look safer since the White House ripped up the Iranian nuclear deal.
Regardless of what forces are behind latest string of attacks on oil tankers in Middle East over past month - clear that people who encouraged #Trump to walk away from #JCPOA nuclear deal were wrong/misleading in claim that region was going to be more secure as a result.
4.18pm BST
Here's another video clip of one of the tankers:
Oil tankers targeted in the Sea of Oman close to Iran. Iranian officials call the attack "suspicious".pic.twitter.com/ryc9yfThyi
3.59pm BST
Time for a quick catch-up.
Oil prices have spiked after two vessels were seemingly attacked in the Gulf of Oman, one of the world's most important shipping lanes, today.
"Security is of high importance to Iran in the sensitive region of the Persian Gulf, in the Middle East, in Asia and in the whole world.
We have always tried to secure peace and stability in the region."
.@BGOV Chart of the Day - Futures tick up after falling on demand concern, swelling supplies #ChartoftheDay #Energy #Oil #oilprice #Supply #Demand #Inventory #Production #WTI #BrentCrude #CrudeOil #OPEC #pipelines #tradewar #Commodities #NYMEX #OOTT #whitehouse #Trump #Iran pic.twitter.com/MufoHbJB8Z
Related: Two oil tankers attacked in Gulf of Oman
3.55pm BST
United Nations Secretary-General Antonio Guterres has strongly condemned today's attacks.
Guterres warned that the world cannot afford "a major confrontation in the Gulf region," adding:
"I strongly condemn any attack against civilian vessels. Facts must be established and responsibilities clarified."
3.41pm BST
Fawaz A. Gerges, professor of Middle Eastern politics at the London School of Economics, fears that today's attacks increase the risk of a military clash between the US and Iran.
"Even in the absence of ironclad evidence, the U.S. and its allies will point the finger at Iran.
These incidents are a bad omen because they point to a calculated escalation that tells us both sides are hunkering down."
3.30pm BST
A U.S. defense official has told CBS News that it is "highly likely" that Iran caused today's attacks.
CBS says:
The official dismissed an Iranian claim to have rescued the crews of both vessels in the Gulf of Oman as "patently false." He said the USS Bainbridge picked up 21 crew members.
Iran claimed it dispatched search teams that rescued 44 sailors from the two vessels.
U.S. official says "highly likely" Iran behind new tanker attacks in Gulf of Oman https://t.co/oqyRw8C9F1 https://t.co/iIkfLFNuZ7
3.29pm BST
Here's a video clip of one of the stricken vessels, filmed from another nearby boat.
Two oil tankers have been reportedly attacked, leaving one ablaze and adrift as sailors were evacuated. i
The UK is urgently seeking to establish the facts as Iran describes the incidents as "suspicious" and calls for regional talks.
Read more here: https://t.co/u271ArI9MC pic.twitter.com/UzygAxZe9a
3.27pm BST
You can get up to speed on the oil tanker attacks with our Q&A:
Related: What impact could oil tanker attacks have on global economy?
3.13pm BST
Sky News have just shown a couple of photos of one of the two tankers which were struck today:
2.50pm BST
Shipping company Frontline has now reported that "no marine pollution" has been seen from its Front Altair tanker following today's attack.
Frontline also says the ship's crew was picked up by another cargo vessel, called Hyundai Dubai, before being transferred to an Iranian naval vessel and being taken to the Iranian port of Bandar Abbas. The crew was made up of 11 Russian citizens, one Georgian, and 11 Philippine nationals, it adds.
2.31pm BST
Marketwatch have written a handy guide to the Gulf region, explaining why today's attacks are so important to the world economy.
Here's a flavour:
Strait of Hormuz: What you need to know about the world's most important oil choke point https://t.co/fFXg2Zz4Kg pic.twitter.com/QsEpZFOEH5
2.04pm BST
Iran hasn't said who it thinks is responsible for today's attacks off its coastline.
But on Twitter, foreign minister Javad Zarif has described the attacks as beyond suspicious:
Reported attacks on Japan-related tankers occurred while PM @AbeShinzo was meeting with Ayatollah @khamenei_ir for extensive and friendly talks.
Suspicious doesn't begin to describe what likely transpired this morning.
Iran's proposed Regional Dialogue Forum is imperative.
2.00pm BST
Here's the key line from president Rouhani's speech on Iranian TV:
"Security is of high importance to Iran in the sensitive region of the Persian Gulf, in the Middle East, in Asia and in the whole world. We have always tried to secure peace and stability in the region."
1.45pm BST
Newsflash: Iranian president Hassan Rouhani has spoken about the tanker attacks on TV.
He's said security in the Gulf is a high priority for Tehran.
In response to news of tanker attacks, #Iran's President Rouhani says security in the Gulf is of high importance to Iran
via @Reuters
1.33pm BST
Oil is pushing higher, as events in the Gulf of Oman continue to alarm investors.
Brent crude is now up almost 4.5% at $62.64 per barrel, as it continues to bounce back from last night's five-month lows.
"Additional concerns could see crude oil prices continue to rise over the coming days, as markets respond to the heightened tensions in the region and the risk that access to such a vital supply route could be restricted, with up to a fifth of global oil supply passing through the Gulf of Oman near the Strait of Hormuz."
1.17pm BST
Reuters is reporting that oil tanker owners DHT Holdings and Heidmar have suspended new bookings to the Mid-East Gulf, according to ship brokers.
DHT has a large fleet of Very Large Crude Carriers (VLCCs) and Heidmar has a wide range of oil tankers. One source said they had suspended offerings for their Suezmax vessels, capable of carrying 1 million barrels and their VLCCs.
The two companies did not immediately respond to requests for comment.
#oott #Gulf OIL TANKER OWNERS DHT HOLDINGS AND HEIDMAR SUSPEND NEW BOOKINGS TO ARAB GULF AFTER SUSPECTED TANKER ATTACKS - SHIP BROKERS
12.49pm BST
The AFP newswire have also been told that Front Altair is still afloat, despite today's attack on the tanker.
They say:
Norwegian tanker Front Altair was still afloat after a reported attack in the Gulf of Oman on Thursday, the chief executive of the company that owns the vessel told AFP, denying reports it had sunk.
"I can confirm that the vessel has NOT sunk," Frontline chief executive Robert Hvide Macleod wrote in a text message to AFP.
12.23pm BST
Stock markets across the Middle East are sliding today.
Investors are selling stocks, on fears that relations between the US and Iran could deteriorate following today's attacks.
12.02pm BST
Iran's official state TV service, IRIB, has produced this photo which allegedly shows the crude oil tanker Front Altair on fire in the Gulf of Oman today.
It's come to us via the EPA news photo agency.
11.52am BST
Theresa May's spokesman has told reporters that Britain is "urgently seeking" the facts behind today's suspected attacks on two tankers in the Gulf of Oman.
11.34am BST
Financial investors around the globe are closely watching developments in the Middle East today, says Mihir Kapadia, the CEO of Sun Global Investments:
He warns that any US retaliation to today's tanker attacks could spook the markets (probably sending oil prices even higher).
Tensions in the Middle-East have been rising since President Trump withdrew from the Iran deal last year, and this will certainly impact oil prices in the coming days as more developments come in.
Although U.S. National Security Adviser John Bolton has accused Iran of a similar incident before, the country has distanced itself from today's attacks.
11.11am BST
Dubai-based journalist Katie McQue has more details of the tankers:
Statement from CPC Corp, Taiwanese company who chartered Front Altair: The current ship condition is unknown, and the damage situation and the loss of cargo oil have yet to be clarified. #OOTT #Oman
Interesting: The Naptha on board the Front Altair originated from Abu Dhabi's ADNOC (confirmed by CPC). Meanwhile, the methanol carried by the Kokuka originated from Saudi's Sabic and also Qatar #OOTT #Oman
Front Altair has 75,000 tons of Naptha on board, according to CPC.
11.04am BST
Cailin Birch, global economist at The Economist Intelligence Unit, fears today's attacks could deepen the tensions between Washington and Tehran.
It remains unclear who the actors are behind the recent spate of tanker attacks in the Gulf of Oman. Iranian authorities will continue to deny responsibility, either directly or indirectly through proxies. Houthi rebels fighting Saudi forces in Yemen are also suspected of being behind the attacks.
Given the lack of clear information, there is a risk that the US government will interpret the recent attacks as a potential sign of Iranian aggression in the region; the national security advisor, John Bolton, indicated as much after the attacks that occurred last month.
10.50am BST
Shipping company Frontline has denied Iranian media reports that its Front Altair tanker has sunk, following today's suspected attack.
10.26am BST
The UK government has said it is deeply concerned by reports of explosions and fires on vessels in the Strait of Hormuz.
Reuters has more details:
Shipping firms and industry sources said two oil tankers were hit in suspected attacks in the Gulf of Oman and the crews have been evacuated, a month after a similar incident in which four tankers in the region were struck.
"We are deeply concerned by reports of explosions and fires on vessels in the Strait of Hormuz. We are in contact with local authorities and partners in the region," as British government spokeswoman said.
10.24am BST
US crude oil prices have also risen sharply, as traders fret about disruption to supplies from the Middle East.
Light sweet crude oil on the NYMEX exchange has jumped 3% to over $53 per barrel.
US crude oil futures surged as much as 4% following reports that two tankers had been attacked in the Gulf of Oman https://t.co/UK9SyFASHv
10.23am BST
The owner of Front Altair, Frontline, have said that their vessel is still on fire in the Gulf of Oman.
10.12am BST
Here's our diplomatic editor Patrick Wintour on today's drama:
The US Navy's fifth fleet says it is assisting two damaged oil tankers reportedly hit by explosions off the coast of the United Arab Emirates near the strategic Strait of Hormuz.
Reports of the explosions in the Gulf of Oman originally came from the same Hezbollah-linked news agencies in Lebanon that correctly reported attacks on four tankers docked off the coast of the UAE last month.
Related: US Navy assisting two oil tankers 'hit by blasts' in Gulf of Oman
10.10am BST
This map from Bloomberg TV shows where today's suspected attacks took place - and also May's suspected attack which the US blamed on Iran.
10.01am BST
Iran's state media are reporting that Iranian rescue vessels have rescued 44 crew members from the Kokuka Courageous and the Front Altair.
LATEST: #Iran says rescued 44 sailors on board of damaged tanker in Sea of Oman, has transferred them to an Iranian port #OOT #Oil
#BREAKING Iran rescued 44 crew after tanker 'accident': state media pic.twitter.com/J99IELcTP4
9.57am BST
Japan's trade ministry has weighed in:
#TOKYO (AP) - #Japan's Trade Ministry says two #oil tankers reportedly attacked near Strait of #Hormuz carried 'Japan-related cargo'
Meeting with Mr. @AbeShinzo, the Prime Minister of Japan pic.twitter.com/6lTsxR7L0J
9.39am BST
Both tankers are in the Gulf of Oman. The Front Altair (L) currently west of the Kokuka Courageous (R). pic.twitter.com/uw2xSKi9Mh
9.37am BST
As you can see, Brent crude spiked sharply this morning when news that two tankers were in trouble in the Gulf of Oman reached the City:
9.25am BST
Here's what we know so far, via Marketwatch:
Geopolitical tensions jolted the oil price on Thursday. Media reports said a tanker in the Gulf of Oman had sent a distress signal after being attacked and was on fire, while Bloomberg reported a second tanker had also been attacked after both had sailed from Saudi Arabia.
United Kingdom Maritime Trade Operations, an arm of the Royal Navy, said it was investigating the incident after Iranian media also reported explosions in the area, the Associated Press reported. The U.S. Navy was aware of the incident, Bloomberg reported.
9.12am BST
Today's suspected attacks come a month after four ships were attacked outside the Strait of Hormuz (between UAE and Iran).
Here's a map (from last month):
Related: Evidence Iran was behind Gulf attacks to be presented to UN, John Bolton says
8.52am BST
US Navy ships are racing to the two stricken tankers to help, as the financial markets continue to push the oil price up.
Statement from the US' naval presence in the region, the @US5thFleet US ships in the area are giving assistance #OOTT #oman pic.twitter.com/6EZd9050jd
8.39am BST
Here's the official statement from the owner of the Kokuka Courageous, Bernhard Schulte Shipmanagement:
Statement from Bernhard Schulte on the Kokuka Courageous. Cargo of methanol damaged, hull breached. All crew are safe. But there's a fire in the engine room #oott #oman pic.twitter.com/FSqGhGGuBq
8.37am BST
Oil jumps more than 3% on reports of tanker incident in the Gulf of Oman off Iran coast https://t.co/zT11AzwoQx pic.twitter.com/MUWgOBGlz0
8.34am BST
Fortunately, there are reports that the crews of the two tankers are safe.
TWO TANKERS EVACUATED IN GULF OF OMAN AFTER INCIDENT AND CREW ARE SAFE, FOUR SHIPPING AND TRADE SOURCES SAY
JUST IN: Two tankers evacuated in Gulf of Oman after incident; crew are safe - sources pic.twitter.com/WhKpf0LXX9
8.29am BST
Iranian media are reporting that TWO tankers have been hit in the Gulf of Oman.
The Financial Times has more details:
Iran's Arabic TV al-Alalam reported that Pakistan's local authorities also confirmed that the sound of explosions were heard.
Shipping executives have been circulating messages on Thursday morning saying that oil tanker M.T Front Altair had been abandoned, with its crew safely rescued by a nearby vessel, and that it was fully loaded and on fire.
8.27am BST
Bloomberg is reporting that the tanker fire is being blamed on an "attack".
BREAKING: An oil tanker sailing from Saudi Arabia to Singapore "has been damaged as a result of the suspected attack" in the Sea of Oman, the vessel's manager says https://t.co/w2yxgbnvXJ pic.twitter.com/4YY0MZBilB
8.21am BST
News that a tanker has caught fire in the Gulf of Oman is fuelling fears of geopolitical unrest in the region.
Neil Wilson of Market.com explains:
Oil has shot up sharply after slumping to 5-month lows overnight. Reports of an oil tanker being on fire in the Sea of Oman rattled markets and sent Brent up $2 in a matter of minute, but await to see whether this will hold or is an algo-based kneejerk that will be faded.
We know that geopolitical tensions in the region are worsening and raise supply-side concerns in terms of short-term outages etc - but with OPEC already curbing output and US production at a record high the market is far less susceptible to a shock.
8.11am BST
Newsflash: The oil price has just surged on reports that a tanker in the Gulf of Oman is on fire.
Details of the incident are sketchy, beyond that it happened near the Iranian coast.
Oil surges after a report that a crude tanker was on fire in the Gulf of Oman https://t.co/szCTA9F3s4 #OOTT pic.twitter.com/LcaoVLAXkV
8.10am BST
This month's survey of Britain's chartered surveyors is peppered with references to Brexit - here's a round-up of comments:
Paul McSkimmings of Edward Watson Associates in Newcastle upon Tyne,
Good month with expected levels of instructions despite continuing uncertainty due to Brexit. I am still expecting a significant drop in work if Brexit eventually staggers over the line
Usual Easter bump continues. Demand remains strong, no Brexit jitters on the whole. Level second hand stock coming to market, whilst new build is increasingly popular.
A realisation that Brexit will rumble on for ever has meant buyers and sellers are starting to make decisions to move.
The shortage of new property on the market continues however following the Brexit postponement, buyers seem to have reacted positively and some properties are selling quickly at good prices.
Upturn in sales during the second half of the month, but will this continue with all the political/ Brexit uncertainty?
8.03am BST
Simon Rubinsohn, RICS Chief Economist, says today's survey shows the UK housing market is recovering.
But even though RICS sees prices recovering, Brexit is still a concern, he says:
"Some comfort can be drawn from the results of the latest RICS survey as it suggests that the housing market in aggregate may be steading. However much of the anecdotal insight provided by respondents is still quite cautious, reflecting concerns about both the underlying political and economic climate.
"Another significant point made by respondents is that there continues to be considerable emphasis on the need for realistic pricing on the part of vendors, which while not a new story, is indicative of the ongoing challenges.
7.56am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
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