Oil Price - May 12 Up on attacks oil oil tankers
Posted: Mon May 13, 2019 9:09 am
Saudi Arabia says its oil tankers among those hit off UAE coast
DUBAI/LONDON (Reuters) - Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.
The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world’s largest bunkering hubs lying just outside the Strait of Hormuz. It did not describe the nature of the attack or say who was behind it.
The UAE had not given the nationalities or other details about the ownership of the four vessels. Riyadh has identified two of them as Saudi and a Norwegian company said it owned another. Details of the fourth ship were not immediately clear.
Thome Ship Management said its Norwegian-registered oil products tanker MT Andrew Victory was “struck by an unknown object”. Footage seen by Reuters showed a hole in the hull at the waterline with the metal torn open inwards.
RELATED COVERAGE Factbox: Strait of Hormuz - the world's most important oil artery
Iranian lawmaker says 'saboteurs from a third country' may be behind Fujairah explosions: IRNA
Iran, which is embroiled in an escalating war of words with the United States over sanctions and the U.S. military’s presence in the region, moved to distance itself on Monday.
Iran’s Foreign Ministry called the incidents “worrisome and dreadful” and asked for an investigation into the matter.
A senior Iranian lawmaker said “saboteurs from a third country” could be behind it, after saying on Sunday the incident showed the security of Gulf states was fragile.
Highlighting international concerns, Britain’s Foreign Minister Jeremy Hunt warned of the risks of “a conflict happening by accident” with an unintended escalation between Washington and Tehran over an unraveling nuclear deal.
Washington withdrew last year from a 2015 pact between Iran and global powers aimed at reining in Tehran’s nuclear plans. Since then, the United States has ratcheted up sanctions on Iran, saying it wanted to reduce its oil exports to zero.
CHOKE POINT: A fifth of global oil consumption passes through the Strait of Hormuz from Middle East crude producers to major markets in Asia, Europe, North America and beyond. The narrow waterway separates Iran from the Arabian Peninsula.
Iran’s Revolutionary Guards, designated a terrorist organization by the United States, threatened last month to close the choke point if Tehran was barred from using it.
Oil prices rose on Monday, with Brent crude futures at $71.71 a barrel by 0912 GMT, up $1.09.
READ MORE: https://www.reuters.com/article/us-saud ... SKCN1SJ088
DUBAI/LONDON (Reuters) - Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates and said it was an attempt to undermine the security of crude supplies amid tensions between the United States and Iran.
The UAE said on Sunday that four commercial vessels were sabotaged near Fujairah emirate, one of the world’s largest bunkering hubs lying just outside the Strait of Hormuz. It did not describe the nature of the attack or say who was behind it.
The UAE had not given the nationalities or other details about the ownership of the four vessels. Riyadh has identified two of them as Saudi and a Norwegian company said it owned another. Details of the fourth ship were not immediately clear.
Thome Ship Management said its Norwegian-registered oil products tanker MT Andrew Victory was “struck by an unknown object”. Footage seen by Reuters showed a hole in the hull at the waterline with the metal torn open inwards.
RELATED COVERAGE Factbox: Strait of Hormuz - the world's most important oil artery
Iranian lawmaker says 'saboteurs from a third country' may be behind Fujairah explosions: IRNA
Iran, which is embroiled in an escalating war of words with the United States over sanctions and the U.S. military’s presence in the region, moved to distance itself on Monday.
Iran’s Foreign Ministry called the incidents “worrisome and dreadful” and asked for an investigation into the matter.
A senior Iranian lawmaker said “saboteurs from a third country” could be behind it, after saying on Sunday the incident showed the security of Gulf states was fragile.
Highlighting international concerns, Britain’s Foreign Minister Jeremy Hunt warned of the risks of “a conflict happening by accident” with an unintended escalation between Washington and Tehran over an unraveling nuclear deal.
Washington withdrew last year from a 2015 pact between Iran and global powers aimed at reining in Tehran’s nuclear plans. Since then, the United States has ratcheted up sanctions on Iran, saying it wanted to reduce its oil exports to zero.
CHOKE POINT: A fifth of global oil consumption passes through the Strait of Hormuz from Middle East crude producers to major markets in Asia, Europe, North America and beyond. The narrow waterway separates Iran from the Arabian Peninsula.
Iran’s Revolutionary Guards, designated a terrorist organization by the United States, threatened last month to close the choke point if Tehran was barred from using it.
Oil prices rose on Monday, with Brent crude futures at $71.71 a barrel by 0912 GMT, up $1.09.
READ MORE: https://www.reuters.com/article/us-saud ... SKCN1SJ088