WTI Crude Oil Continues to Climb Higher Over Oil Tanker Attacks

WTI crude oil prices continue to climb higher for a second consecutive day over news that two oil tankers were attacked in the Gulf of Oman on Thursday. At the time of writing, WTI is trading at around $52.41 per barrel.

The oil tanker attacks increased fears in the market that oil supply through the Middle East could be reduced. On Thursday, crude oil prices rose by as much as 4.5% higher, effectively stopping the downfall in prices over concerns of economic growth slowing down worldwide.

This is the second attack on oil tankers within a month’s time, and fingers are pointing towards heightened tensions between US and Iran as the main driver. The US government blamed Iran for these latest attacks, while Iran has chosen to deny these allegations.

In addition, reports are emerging that OPEC+ members are in final stages of discussion to extend supply cuts for a longer period of time. According to a monthly report published on Thuerday, OPEC anticipates world oil demand to increase by 1.14 million bpd, 70,000 bpd less than what the group had previously forecast.