Oil gains reprieve on report of oil tanker on fire in the Gulf of Oman

Technical Analysis

Author: Justin Low | oil

Oil prices rise by more than 2% on the day

WTI 13-06
It is being reported that the UAE port of Fujairah received a distress signal from an oil tanker in the Gulf of Oman, with officials saying that the tanker is on fire. This adds to the increasing number of incidents in the area with the US having beforehand accused that Iran is the one behind the attacks.

Oil prices are gaining notable ground with both Brent and WTI up by more than 2% on the day, touching session highs currently. It's a much needed reprieve for oil after yesterday's beat down but I reckon the gains won't last long if they are not followed up by additional measures from OPEC+ members in extending the output cuts deal over the coming weeks.

Update: WTI is up by more than 3% now to $52.80.

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