Wall Street Breakfast: Oil Spikes After Tanker Attacks

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For the last few sessions, crude prices have been flashing red as they neared the $50 level, but attacks on two oil tankers off the coast of Iran early Thursday have sparked a sudden turnaround. WTI futures are now ahead by 3% to $52.66/bbl, while Brent contracts jumped 3.4% to $62.03/bbl. Frontline (NYSE:FRO) said one of its vessels, Front Altair, was on fire, while the other ship, the Kokuka Courageous, was damaged but afloat. The incident comes one month after four tankers were sabotaged in the Gulf of Oman off the UAE port of Fujairah, in an attack the U.S. linked to Iran.

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