Oil prices surge as storm approaches

Tensions are high in the Middle East following attacks on tanker vessels and Iran's downing of a US drone last month.

Photo: Thomas Borberg

Oil prices surge Thursday morning as a storm in the Mexican Gulf threatens raw material production, while an event involving a UK tanker in the Middle East has highlighted current tensions in the region.

A barrel of the European reference oil, Brent, Thursday morning costs USD 67.18 against USD 66.07 Wednesday afternoon. The US WTI oil concurrently trades at USD 60.69 against USD 59.51 Wednesday afternoon.

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