Oil jumps more than 3% on reports of tanker incident in the Gulf of Oman off Iran coast

This satellite image shows the Strait of Hormuz, between the Persian Gulf and the Gulf of Oman. The Strait of Hormuz runs between Iran and United Arab Emirates.

StockTrek | Photodisc | Getty Images

Brent crude spiked 3% on Thursday morning on reports of tanker explosions in the Gulf of Oman.

United Kingdom Maritime Trade Operations, a division of the U.K. Royal Navy, said it is currently investigating what it has called an “incident” in the Gulf near the Iranian coastline. It has urged “extreme caution” amid mounting tensions between Iran and the U.S.  

Iranian state media has reported that two oil tankers were targeted in explosions, without providing evidence.

A spokesman for the US Navy’s 5th Fleet in Bahrain told the Associated Press that his command was “aware” of the incident and was seeking further details.

Brent crude is currently trading at $ 61.77 a barrel.

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