​​Oil prices surge after Iran says missiles struck its tanker near Saudi Arabia

The price of crude oil rose sharply on Friday morning after Iranian officials said that two rockets had struck an Iranian tanker traveling through the Red Sea.
International benchmark Brent rose over two percent to $60.34 per barrel by 7:30am GMT. US West Texas Intermediate (WTI) gained almost two percent to $54.60 per barrel.
“Spare capacity remains fragile and with supply chain vulnerability a worrying concern at virtually every Middle East oil field, traders continue to hedge supply risk premium,” Stephen Innes, Asia Pacific market strategist at AxiTrader, told Reuters.