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Oil prices spike following oil tanker attacks in Middle East

Brent crude oil prices spiked by nearly 4% after two oil tankers came under attack in the Gulf of Oman on 13 June 2019. The Norwegian-owned Front Altair and Japanese-owned Kokuka Courageous were evacuated after a suspected attack on the vessels.

Both Saudi Arabia and the US have said that Iran was behind the attack, as well as four other incidents over the previous month. In response, Iran, which has strongly denied the allegations, is reported to have threatened to cut off the Strait of Hormuz, a key shipping route.

Front Altair is understood to have been carrying naphtha from the United Arab Emirates to Taiwan, while the Kokuka Courageous was carrying methanol from Saudi Arabia to Singapore.

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