Saudi Tanker Attack Reveals Oil Market Weakness

Trump offers Iran direct line to White House report says

A statement from Saudi Energy Minister Khalid al-Falih said the kingdom's two oil tankers, including one due to later carry crude to the U.S., sustained "significant damage".

The UAE said the attacks occurred in the Gulf of Oman, east of Fujairah. "The oil market is getting very bullish signals from spot prices at the moment which are countering the growth blues from the escalating US - China trade war".

Fujairah port is the only terminal in the UAE located on the Arabian Sea coast, bypassing the Strait of Hormuz, through which most Gulf oil exports pass, and which Iran has repeatedly threatened to close in case of a military confrontation with the United States. "[It is] the joint responsibility of the worldwide community to protect the safety of maritime navigation and the security of oil tankers, to mitigate against the adverse consequences of such incidents on energy markets, and the danger they pose to the global economy".

The MT Andrea Victory, another of the allegedly targeted ships, sustained a hole in its hull just above its waterline from "an unknown object", its owner Thome Ship Management said.

"The global community should carry out its responsibilities to prevent any parties trying to harm maritime security and safety, which would be considered a threat to worldwide safety and security", it added.

No injuries or deaths were caused by the breach and no fuel was spilled, according to the country's foreign ministry which has so far stopped short of accusing someone for the incident. But it raised risks for shippers in a region vital to global energy supplies at a time of increasing tensions between the USA and Iran over its unraveling nuclear deal with world powers.

WTI crude oil is at a session high, up $1.51 to $63.18.

China to hike tariffs on $60 billion in USA goods
Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology. The Dow Jones Industrial Average slid 2.1 percent, while the Nasdaq Composite Index tumbled 2.9 percent.

The Strait of Hormuz connects the Gulf to the Indian Ocean.

The Saudi vessels were identified as the VLCC tanker Amjad and crude tanker Al Marzoqah, both owned by Bahri.

State media in Iran picked up the report from Al-Mayadeen, which later published the names of vessels it claimed were involved in the incident.

Trump says "bad problem" may await Iran as the US bulks up its military presence in the Persian Gulf; State Department correspondent Rich Edson reports.

The U.S. military has reportedly found that "Iranian or Iranian-backed proxies" were behind the attacks on four ships in the Persian Gulf over the weekend which could lead to a major escalation in conflict in the region.

Falih said the attack aimed to undermine maritime freedom and "security of oil supplies to consumers all over the world".

Araqchi also said another Iranian condition was to have full access to oil-export revenues and to spend them as it pleased, not only on food and medicine as proposed by European Union countries.

Related News:

  • Deepest ever dive finds plastic bag at bottom of Mariana Trench

    Deepest ever dive finds plastic bag at bottom of Mariana Trench

    He spent four hours exploring the bottom of the trench in his sub, built to withstand the vast pressure of the deep ocean. Vescovo is planning to complete his historic expedition in late August when he dives the Molloy Deep in the Arctic Ocean.
    Jimmy Carter recovering from surgery after fall, Carter Center says

    Jimmy Carter recovering from surgery after fall, Carter Center says

    The 39th president of the United States is now recovering "comfortably" in the hospital alongside his wife, Rosalynn. He received his first radiation treatment at age 90, and four months later, he was - remarkably - cancer free.
    Israel reopens 2 crossings with Gaza Strip after 8-day closure

    Israel reopens 2 crossings with Gaza Strip after 8-day closure

    This week's demonstrations were seen as a key test for a fragile truce agreed between Gaza's Islamist rulers Hamas and Israel . That fighting, which involved Hamas rocket attacks and Israeli airstrikes, left 29 Palestinians and four Israelis dead.
  • Jury orders Bayer to pay $2 billion in third Roundup trial

    Jury orders Bayer to pay $2 billion in third Roundup trial

    The German chemicals giant faces more than 13,400 USA lawsuits over the herbicide's alleged cancer risk. Bayer released a statement following the jury's decision, vowing to fight back.
    Arsenal boss Emery: Golden Boot was Aubameyang target

    Arsenal boss Emery: Golden Boot was Aubameyang target

    Salah , 26, scored 32 goals last term. "I don't throw that word around lightly, it's a fantastic achievement". Arsenal's season is now dependant on whether they can win the Europa League.
    Escalating US-China Trade War Sends Stocks Plunging

    Escalating US-China Trade War Sends Stocks Plunging

    But China has taken so advantage of the US for so many years, that they are way ahead (Our Presidents did not do the job). After that, Washington and Beijing repeatedly slapped billions of dollars' worth of retaliatory tariffs on each other.
  • Duke Basketball: Zion Williamson’s best dunks of the 2018-19 season

    Duke Basketball: Zion Williamson’s best dunks of the 2018-19 season

    The new rules also state if the player wants to go back to college, they have to remove their name from consideration by May 29th. Butler was, of course, a player who drove a lot of drama but was a large reason the team was finally able to make the playoffs .
    Doris Day Dies: 'Pillow Talk' Star, Singer Dead at 97

    Doris Day Dies: 'Pillow Talk' Star, Singer Dead at 97

    On the strength of her voice, Day, who had no acting experience, was offered a starring role in 1948's Romance on the High Seas . Day also found success as a singer with Whatever Will Be, Will Be ( Que Sera, Sera ) arguably her biggest and most familiar hit.
    Sir Keir Starmer: Cross-party Brexit deal needs to include second referendum

    Sir Keir Starmer: Cross-party Brexit deal needs to include second referendum

    According to Opinium, Labour would be out in front with 28% support, followed by the Tories on 22% and the Brexit Party on 21%. Brexit Express is a campaign group run by Jeremy Hosking, a major Tory donor who has now given £200,000 to Mr Farage's party.
  • Leonard sinks buzzer, sends Raptors to East Finals

    Leonard sinks buzzer, sends Raptors to East Finals

    Dame and CJ being locked in from the outset = Portland at their best. "They look at me as their best player", Jokic said postgame. Averaging 26.4 points and 14.4 rebounds, out of the five semifinal games, he's logged two triple-doubles and two double-doubles.
    ‘Empire’ will end with Season 6

    ‘Empire’ will end with Season 6

    Supporters had asked Fox to bring Smollett back to the show, including leading cast members Taraji Henson and Terrence Howard . Since last season, Empire has lost approximately half of its viewing audience, most likely due in part to the Smollett fracas.
    Rapper Kodak Black arrested; Lil Wayne bows out of show

    Rapper Kodak Black arrested; Lil Wayne bows out of show

    His arrest comes after an "extensive investigation", the Miami Herald reported , citing US Marshals. Officials have not yet confirmed all of the charges Kapri will be facing for Saturday's incident.


Most liked

Top takeaways from Blazers-Nuggets Game 7
The sentiment hasn't changed heading into Sunday's Game 7 in Denver . "They had their chances and they just used it smarter". A Damian Lillard 3-pointer gives the Trail Blazers their biggest lead of the game at 81-76 with 8:51 remaining.

Apple launches redesigned TV app, adds Channels feature and curated sections
Also, there's a brand new iTunes library that gives users access to more than 100,000 movies and TV series. The pricing of the streaming services through Apple TV channels is the same as the standalone apps.

Sri Lanka blocks some social media platforms after violent incidents
Wickremesinghe said he had given powers to the security forces to take strong action against those disturbing the peace. The latest unrest came as Catholic churches resumed their public Sunday masses for the first time since the bombings.

Suns Josh Jackson Arrested At Rolling Loud Music Festival
As an officer escorted him out of the club, Jackson pulled his arm away from the officer and was handcuffed, the report said. This all stems from Jackson trying to enter the VIP section of the music festival without having the proper pass.

Trump may provoke US lawmakers to impeach him: senior Democrat
In an interview with Jake Tapper on CNN, Giuliani said McGahn was "wrong" about what Trump asked him and "hopelessly confused". McGahn prepared to resign at one point rather than carry out Trump's instructions.

Apple A13 the chip behind iPhone 11 is on mass production
They say that the new high-end models are codenamed D43 and D44, while the successor to the iPhone XR is called N104 internally. The reports also suggest that the mass production of the Apple A13 chips will start from this month itself.

John Beilein hired as next Cleveland Cavaliers head coach
Beilein replaces Larry Drew, who finished last season after Tyronn Lue was sacked six games into the campaign. Talks between the Cavaliers and Beilein escalated quickly over the weekend with a deal reached on Sunday.

Supreme Court rules against Apple in App Store monopoly case
Illinois allows only direct purchasers of a product to file suits in federal court claiming violations of antitrust laws. Apple keeps 30% of the sales price, where it is set, Kavanaugh said in a summary he read from the bench.

Felicity Huffman Pleads Guilty to College Admissions Fraud
Parents still fighting the charges include fellow actress Lori Loughlin and her fashion designer husband, Mossimo Giannulli . Singer has admitted that he paid "proctors" to correct wrong answers on students' tests or take the exam in their place.

The worst things Cersei Lannister has ever done
Game of Thrones concludes Sunday on HBO in the U.S. and the following day on Sky Atlantic and NOW TV in the UK. Cersei realises just how she loves him and just how much he loves her.

Trump says talks with China to continue as trade war escalates
China's top trade negotiator, Vice Premier Liu He, had warned earlier that Beijing "must respond" to any United States tariffs. An increase in tariffs on all remaining Chinese goods, worth some $300 billion, is also on its way .

Eden Hazard drops hint he could join Real Madrid this summer
Hazard hilariously shook his head and drove away when a fan asked him if he would be at Chelsea . When I am on the pitch I just try to do the best.

Amazon's proposition to employees: Quit and we'll pay you to haul packages
He said that more than 200 Amazon delivery businesses have been created since the company launched the program in June of 2018. The offer is open to most part-time and full-time Amazon employees, including warehouse workers who pack and ship orders.

States sue generic drugmakers, allege price-fixing scheme
An Israeli flag flies outside a Teva Pharmaceutical Industries building, in Neot Hovav, Israel, Dec. 14, 2017. According to the lawsuit, the alleged shady dealings peaked between July 2013 and January 2015.

Three people shot with crossbow found dead in German hotel
They said it is not clear what their relationship was, what happened inside the hotel room or how exactly the three died. By Saturday evening police announced that there was no further evidence at the guesthouse and it reopened for business.