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G20 Ministers To Meet Following Tanker Attacks In Strait Of Hormuz

Webster

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(The Guardian) G20 ministers to discuss oil tanker attacks as blame game mounts
Ministers from the G20 group of large economies will discuss yesterday’s oil tanker attacks at a meeting in Japan, ahead of a full summit to be held at the end of the month.

The US government has firmly pointed the finger at Iran for the attacks on two tankers – which have seen oil prices jump as investors prepare for rising diplomatic tensions. Tehran denied that it was involved.

One of the attacked tankers was owned by a Japanese shipping company. Japan’s industry minister, Hiroshige Seko, on Friday said that “maintaining energy security” was an “important issue” which would be discussed by energy ministers at the weekend’s meeting, to be held Karuizawa, northwest of Tokyo – ahead of the main meeting in Osaka.

Seko declined to comment on whether Japan would send its armed forces to the Gulf to protect tankers, Reuters reported.

Oil prices continued to rise on Friday morning, with Brent crude futures gaining 0.4% to reach $61.53 per barrel at the time of writing.

Michael Hewson, chief market analyst at CMC Markets UK, said: The attack on two oil tankers in the Gulf of Oman has raised the geopolitical temperature even further in the region, at a time when it is high already, given the strained relations between the US and Iran. With the US pinning the blame firmly on the Iranians the scope for a misstep is only likely to increase, hence the rebound in oil prices which characterised yesterday’s price action, and has seen prices also push higher this morning.

While oil prices rebounded, the bounce was much shallower than might be expected given that prices are already near five-month lows.
 
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