The Iranian Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported. Iranian oil exports are under US sanctions that have diminished Iran's impact on the global supply picture. "In terms of oil prices, the impact is limited unless you think Iran is going to retaliate in the Strait of Hormuz ... Troubled economic prospects for 2020 prompted the IEA to reduce its forecast for oil demand growth by 100,000 barrels per day (bpd) to 1.2 million bpd. "The market will be weighing this attack against the more bearish headlines stemming from the IEA's latest monthly oil market report," BNP Paribas global oil strategist Harry Tchilinguirian told the Reuters Global Oil Forum.

Source: Dhaka Tribune October 11, 2019 14:37 UTC