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Oil prices jump more than 1% after Iran says two missiles struck one of its tankers

October 11, 2019

Oil prices rose sharply on Friday morning after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea.

Brent crude futures were up 1.4% at $59.93 a barrel, with West Texas Intermediate (WTI) futures showing similar gains.

The National Iranian Oil Company told NBC that the tanker was hit by two explosions at 5:00 a.m. and 5:20 a.m. local time. It said the tanker had been traveling through the Red Sea off the coast of Saudi Arabia, 60 miles from the city of Jeddah.

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