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Tanker attacks push crude prices higher and ramp up Gulf tensions

Two oil tankers were severely damaged by attacks in the Gulf of Oman between Iran and the Arabian peninsula yesterday in a sharp escalation of Middle East tensions that sparked a 4 per cent surge in crude prices.

The ships, one Japanese and one Norwegian-owned, were hit by unknown weapons and abandoned close to the Strait of Hormuz, one of the world’s busiest shipping routes and a chokepoint for exports out of the oil-rich region.

There was no claim of responsibility for the attacks, the latest in a string of assaults on oil and transport facilities in and around the Gulf in recent weeks as hostility between the US and Iran has heightened fears of conflict.

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