Energy prices rise after a missile strike on an Iranian tanker revived concerns about instability in the oil-rich region, though analysts say the global market is now more resilient to disruption to supplies.
Energy prices rose Friday after a missile strike on an Iranian tanker revived concerns about instability in the oil-rich region, though analysts say the global market is now more resilient to disruption to supplies.
The explosion follows other attacks earlier this year on tankers in the Persian Gulf, through which about 20% of all oil traded worldwide passes. The bombing triggered a 10% daily spike in the oil price as investors worried about conflict with Iran and the vulnerability of facilities and tankers in the region.The International Energy Agency says that while attacks cannot be shrugged off as being of little consequence, the global market has ample supply, providing a buffer.
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