Iranian Oil Tanker Reportedly Hit by Missiles

A pair of missiles hit an Iran-flagged oil tanker steaming off the coast of Saudi Arabia in the Red Sea, causing an explosion and oil spill, Iranian officials said Friday.

Iran's state-run IRNA identified the tanker as the Sabiti, and Iranian state television says the explosions damaged two storage tanks and caused an oil spill that is now reportedly under control.

The Iranian media reports did not assign responsibility for the incident.

"The oil tanker named SABITI belonging to the company sustained damages to the body when it was hit...

London (CNN Business)Reports of another attack on oil supply in the Middle East pushed prices higher early on Friday but the gains faded fast as markets focused again on weaker demand growth and a supply glut that shows no signs of evaporating.

The International Energy Agency said in its monthly report that commercial oil stocks held by OECD countries were close to record levels of more than 3 billion barrels, a level last seen in 2016. IEA member states hold an additional 1.6 billion barrels in strategic reserves.

At the...