Hong Kong: Oil prices surged more than two percent Friday after an Iranian tanker was hit by suspected missile strikes off Saudi Arabia, sparking fresh supply concerns.
The National Iranian Tanker Company, which owns the ship, said the hull of the Sabiti was hit by two separate explosions off the Saudi coast, saying they were "probably caused by missile strikes".
The news sent Brent surging 2.3 per cent to $60.46, while West Texas Intermediate jumped 2.1 per cent to $54.69. Prices had already been rising on growing hopes for a breakthrough in the China-US trade talks.
The National Iranian Tanker Company said in a statement that the hull of the Sabiti was hit by two separate explosions about 100 kilometres off the Saudi coast.
It said the blasts were "probably caused by missile strikes".
"All the ship's crew are safe and the ship is stable too," said NITC, adding those on board were trying to repair the damage.
The state-owned company said that contrary to reports, "there is no fire aboard the ship and the ship is completely stable".