Oil Prices Retreat After Iran Tanker Scare, IEA Update

Crude oil prices retraced from an earlier spike on Friday after Iranian claims of an attack on one of its oil tankers ran into scepticism, while the International Energy Agency also tempered buying interest by again trimming its forecasts for global oil demand.

Earlier Friday, Iranian national news agency IRNA had claimed that the tanker Sabiti, sailing through the Red Sea, had been struck by two unidentified objects believed to be missiles, causing a fire and oil leakage into the sea.

However, the Iranian government later undermined the credibility of the report by saying later that the ship had not been set on fire, and IRNA itself also cited the National Iranian Oil Company as denying suggestions that it had been struck by missiles fired from Saudi Arabia.

The consultancy Tankertrackers.com noted that Sabiti was still making surprisingly good speed after the attack./Investing.com

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