Oil jumped to $60 a barrel after reports of missile strikes on an Iranian tanker off the coast of Saudi Arabia reignited fears over military escalation in the world’s most important crude-producing region. Brent futures surged about $1 a barrel after the Islamic Republic News Agency reported a National Iranian Tanker Company tanker caught fire after a blast, taking the day’s gains to more than 2%. Two tanks in the Sabiti vessel were damaged in explosions while the tanker was hauling 1 million barrels of crude near the Saudi port of Jeddah, according to Iranian state media.
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