Oil spikes and Sensex slips after missiles take down an Iranian oil tanker off Saudi Arabia coast
- Tensions over the Middle East spike after an oil tanker from Iran gets hit by missiles off the coast of Saudi Arabia.
- The company that owned the tanker called it a 'terrorist attack'.
Crude oil pricesspiked from the negative zone to being up over 1.4% soon after the news.
The Iranian company called it a 'terrorist' attack. Soon after the reports, oil prices spiked by as much as 1.4% from being down in the red for much of the day. Indian markets which track oil prices were spooked. Sensex turned down after a strong start, and gave up nearly all its early gains this Friday.
The rise in oil prices is bad news for India, which imports over 80% of all its crude oil requirements.
Iran's gunboat challenge against a British tanker could have caused a massive explosion and billions in damages