Oil Rises as Iran’s Tanker Seizure Ratchets Up Middle East Risks

Iran says vessel’s capture is in retaliation for US oil theft
Crude will be rangebound in 2024, Trafigura’s Luckock says

Oil Markets Are Relaxed About World Events: Trafigura

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By Julia Fanzeres and Alex Longley

January 10, 2024 at 11:32 PM UTC

Updated on

January 11, 2024 at 9:05 PM UTC

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Oil climbed after Iran seized a tanker in the Gulf of Oman, the latest in a run of incidents that could threaten key shipping lanes.

West Texas Intermediate rose 0.9% to settle above $72 a barrel after another session of trading in a range wider than $2. The tanker’s capture adds a fresh dose of volatility as the US and allies weigh options for retaliating against Yemen-based Houthi militants for attacks on Red Sea shipping.