Oil prices rise after reported tanker attack

STORY: Oil prices headed higher Wednesday (November 15) amid new worries over supplies.

That after reports that a tanker, seen here in a file photo, was attacked off the coast of Oman.

Sources told Reuters the vessel may have been hit by a drone.

Details on the incident remain scarce, but it comes at a time of heightened tensions with Iran.

In July last year another tanker saw a suspected drone hit.

Tehran denied having any connection to the incident.

There are fresh worries too over supplies in Europe.

On Tuesday (November 15), Ukraine said that pumping would be suspended on one branch of the key Druzbha pipeline.

It supplies oil to refiners in Hungary and Slovakia.

However, on Wednesday there were hopes that pumping could soon restart.

Hungary’s government said there was no sign of damage to the pipeline.

But the incident jangled nerves, coming at the same time as reported explosions in NATO-member Poland.

International benchmark Brent crude gained close to 1% in Wednesday morning trade before falling back.

Traders said its gains were capped by concerns over a resurgent health crisis in China.

Economists fear that could again crimp the country’s growth, limiting demand for oil.