London (Commerce Desk): Oil prices in the global market rose after a cargo vessel was reportedly hit by a projectile attack near the southeastern coastal waters of Oman.
According to the British Maritime Agency, a ship located about 7.5 nautical miles from Oman was struck by an unidentified projectile, causing damage to the vessel’s bow section.
Following the incident, international crude oil prices recorded an increase of more than 2% in the global market.
Reports said that Brent crude oil rose by $1.52 (2.1%) to reach $75.26 per barrel, while West Texas Intermediate (WTI) increased by $1.58 (2.3%) to settle at $71.92 per barrel.
News agencies further reported that crude prices had previously closed at their lowest level since February 27, near pre-war levels, just a day before the escalation in tensions.