New York January 11 2024: Oil prices climbed about 3% to a two-week high on Thursday after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East.
Brent futures rose $2.23, or 2.9%, to $79.03 a barrel by 11:25 a.m. EST (1625 GMT), while, U.S. West Texas Intermediate (WTI) crude rose $2.34, or 3.35, to $73.71.
That puts Brent on track for its highest close since Dec. 27.
Iran seized a tanker with Iraqi crude destined for Turkey in retaliation for the confiscation last year of the same vessel and its oil by the U.S.
The seizure of the Marshall Islands-flagged St Nikolas coincides with weeks of attacks by Yemen’s Iran-backed Houthi militias targeting Red Sea shipping routes.
Yemen-based Houthis this week mounted their largest attack yet on commercial shipping lanes in the Red Sea.
