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Oil price jumps after reports of attack on Iran oil tanker

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Oil price jumps after reports of attack on Iran oil tanker

Oil prices rose Oct. 11 amid reports that two missiles hit an Iranian oil tanker in the Red Sea, raising concerns about heightening geopolitical tensions between Iran and Saudi Arabia.

The tanker, which was hit off the Saudi port of Jeddah, belonged to National Iranian Oil Co., and the oil spill from the tanker was stopped, the Islamic Republic News Agency reported.

Brent crude oil advanced 2.2% to $60.39 on the ICE Futures Exchange around 4:22 a.m. ET.

The Saudi Ports Authority acknowledged that an incident with a vessel had taken place, but could not confirm if the tanker was Iranian, Bloomberg News reported, citing a press officer.

The incident follows attacks on Saudi Arabia's Abqaiq and Khurais oil processing plants in September, which temporarily cut global supplies.