Oil prices are surging after two tankers were reportedly attacked near the Strait of Hormuz. What you need to know:
Crude oil prices surged Thursday, rebounding from a bruising prior session after reports that two oil tankers had been attacked in the Gulf of Oman, with fresh tensions in that region potentially posing a threat to global supplies.
Wednesday’s falls came after a report showing U.S. crude inventories climbed for a second week in a row. Simmering worries about energy demand on the back of growing U.S.-China trade tensions also pressured the commodity. Analysts at Commerzbank said the sharp rebound in prices may also be in response to Wednesday’s slump, “which in our opinion was not justified,” it told clients in a note.
Also Thursday, the Organization of the Petroleum Exporting Countries on Thursday cut its forecast for growth in world oil demand this year to 1.14 million barrels a day, from a May estimate of 1.21 million barrels. In its monthly report, OPEC said the revision largely reflected sluggish demand data from developed countries that make up the Organization for Economic Cooperation and Development.
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