Tanker attacks could lead to petrol price spike
Econometrix economist Azar Jammine says the suspected attacks on two tankers in the Gulf of Oman could have serious repercussions for South African consumers.
Jammine says the fire caused the oil prices - which had fallen on Wednesday – to spike.
"If it weren't for this fire you would have had a decline in fuel price next month that may have been even greater than what we had been anticipating."
Suspected attacks left two tankers in flames in the waters of the Gulf of Oman Thursday, sending world oil prices soaring as Iran helped rescue stricken crew members.
The mystery incident, the second involving shipping in the strategic sea lane in only a few weeks, came amid spiralling tensions between Tehran and Washington, which has pointed the finger at Iran over earlier tanker attacks in May.
ALSO READ: Two tankers catch fire after suspected Gulf of Oman attacks
The Norwegian Maritime Authority said three explosions were Thursday reported on board the Norwegian-owned tanker Front Altair after it was "attacked" along with the Singapore-owned ship Kokuka Courageous.
“Today oil prices neutralised virtually all of yesterday’s declines on news of this collision between two oil tankers which in turns means if there's going to be an oil spillage or a hold up in the delivery of the oil in those tankers that could reduce global oil supplies,” says Jammine.