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Oil rises on tanker attack, but market now better 'insured'

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Energy prices rose Friday after a missile strike on an Iranian tanker revived concerns about instability in the oil-rich region, though analysts say the global market is now more resilient to disruption to supplies.

The international benchmark for oil rose 1.6% to $60.05 a barrel after Iranian officials said two missiles hit a tanker off the coast of regional rival Saudi Arabia.

The regional tensions came to a head with the bombing of Saudi Arabia's largest oil processing facility this summer. The U.S. and Saudis blamed the attack on Iran, which denies involvement.

 

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