Brent oil futures rose 5.21% to 107.55 a barrel; WTI crude oil futurs jumped 4.97% to 94.81 a barrel.
A Turkish tanker in the Black Sea is reporting a suspected undersea attack. There’s been no oil spill. And it’s unclear who may have carried out such an attack such a distance from the bulk of strikes so far in the Middle East war.
The M/T Altura suffered engine damage in a blast that shook the ship bridge and disabled equipment there, according to Turkey’s Directorate General of Maritime Authorities, adding there were no casualties and no visible damage to the ship from the outside. The tanker is now stranded 26 nautical miles from the mouth of the Bosphorus Strait.
Ship-tracking data show the Suezmax-sized tanker as fully laden with about 1 million barrels of Urals crude -- Russia’s flagship blend -- from Novorossiysk. Turkish officials also say the attack may have been carried out with a sea drone.
Israel said it eliminated the commander of the Islamic Revolutionary Guard Corps’ Navy, Alireza Tangsiri.
“Overnight, the IDF carried out a precise and lethal operation, eliminating the commander of the IRGC Navy, Tangsiri, along with senior naval command officials,” Defense Minister Israel Katz said. “The individual who was directly responsible for the terrorist operation of naval mining and the blocking of the Strait of Hormuz has been neutralized.”
Iran hasn’t confirmed Tangsiri’s death.
In further comments on Truth Social, Trump urged Iranians to “get serious soon, before it’s too late.”
‘The Iranian negotiators are very different and “strange.” They are “begging” us to make a deal, which they should be doing since they have been militarily obliterated, with zero chance of a comeback, and yet they publicly state that they are only “looking at our proposal.” WRONG!!! They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty! President DJT’
Trump administration officials are examining what a potential spike in oil prices as high as $200 a barrel would mean for the economy, according to people familiar with the matter. Modeling the damage from a bigger jump in oil is part of regular assessments done during times of strain and is not a prediction, according to the people - it’s aimed at making sure the administration is prepared for all contingencies, including a prolonged conflict.
Even before the war began, Treasury Secretary Scott Bessent expressed concern that the conflict would boost oil prices and damage growth, the people said. Senior Treasury officials have communicated worries to the White House about swings in oil and gasoline prices for several weeks, some of the people said.
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