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Crude Extends Gains on Oil Tanker Attack

OIL

Front month crude has spiked but remains within yesterday’s range after reports stated that the attack on the St Nikolas oil tanker in the Gulf of Oman has been orchestrated by Iran, as the vessel was formerly known as Suez Rajan and had been seized by the US government for having transported Iranian barrels. Earlier gains were driven by a softer US dollar.

    • Brent MAR 24 up 1.6% at 78$/bbl
    • WTI FEB 24 up 1.6% at 72.53$/bbl
  • Unauthorized people in military uniforms boarded the oil tanker on Thursday morning. These individuals have been identified as Iranians that have boarded the St Nikolas oil tanker today in the Gulf of Oman, Tanker Tracker said via X. The tanker was formerly known as Suez Rajan and had been seized by the US government for having transported 1mn barrels of Iranian oil in connection to a US company.
  • US CPI data will be published today 13:30 GMT which could help to guide how soon the US Fed might cut interest rates as the market weighs slowing global demand growth this year against supply risks from the Middle East and Libya and OPEC+ output cuts.
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