Oil spikes on reports of tanker explosions Oil prices have spiked on Thursday following reports of tankers being attacked in the Gulf of Oman, off the coast of Iran. This comes a month after allegations of sabotage in the same region, which was blamed on Iran and threatened to stoke further tensions in the region. It comes at a time when the US has imposed sanctions on Iran in an attempt to reduce oil exports to zero, ruin the economy and apply maximum pressure to the regime after Trump pulled out of the nuclear accord. The knee jerk reaction is more a response to the risks associated with higher tensions in the ... (full story)