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Oil tanker explosions set the world on edge

Attacks on two oil vessels in the Gulf of Oman yesterday have escalated fears that the Middle East’s oil supply could become constrained — especially after the U.S. accused Iran of orchestrating the assaults. Oil prices have remained higher since the assault.

Secretary of State Mike Pompeo said that American intelligence agencies had decided that Iran was involved in explosions that crippled the two ships, noting the types of weapons used and expertise needed to pull off the attacks. Later, the U.S. military released video that it said showed Iranian forces’ involvement. (Iran strongly denied any involvement.)

Yesterday’s attacks threaten to further inflame tensions between the U.S. and Iran, after President Trump moved to withdraw from the countries’ nuclear deal and reimposed sanctions on the country. His administration has been conflicted in how forceful to be with Tehran.

The price of Brent crude oil is up about 2 percent since the attack. Shares in shipping companies — including those in Frontline, which owns one of the vessels attacked yesterday — jumped yesterday amid expectations of higher shipping rates.