Middle East Conflict Drives Oil Prices Higher as Tankers Come Under Attack
The conflict between the US, Israel, and Iran continues to escalate, with more tankers coming under attack in Gulf waters. On Thursday, a Bahamas-flagged crude oil tanker was targeted by an Iranian remote-controlled boat laden with explosives while anchored near Iraq's Khor al Zubair port.
A second tanker at anchor off Kuwait was taking on water and spilling oil after a large explosion on its port side. This brings the total number of vessels attacked since the conflict broke out to nine.
The US has offered Navy escorts and insurance in an effort to restart shipping flows and stabilize energy prices, which have jumped 16% since the war started on Saturday. President Donald Trump's offer was met with a plan from Lloyd's of London, which is engaging with the US government on the matter.