Light, sweet crude oil prices closed just above $61/bbl on the New York market May 13 while Brent prices hovered around $70/bbl in London awaiting more details on repeated attacks within days to Saudi Arabian oil tankers and other vessels near the Strait of Hormuz.

Sara Vakhshouri, president of SVB Energy International in Washington, DC, said that repeated incidents in major oil production and transportation areas “creates uncertainty and panic in the market,” adding, “Particularly now that market expects much lower exports from Iran (and Venezuela) due to US sanctions.”

Click here for full details.