Oil

The push to secure oil tankers

oil tankers
Tanker ships in the Gulf of Oman off the coast of the UAE. Photo: Giuseppe Cacace/AFP/Getty Images

The weekend brought fresh pledges to protect oil tankers following last week's attacks in the Gulf of Oman, but markets picked up where they left off Friday, reacting more to bearish economic signs than heightened security fears.

Why it matters: Over 18 million barrels of oil per day — nearly a fifth of global demand — pass through the Strait of Hormuz.

U.S. claims Iran shot down American drones prior to oil tanker attacks

In this image, jets of water are shot onto a large oil tanker on the ocean.
The Norwegian-owned Front Altair tanker, which was attacked in the Gulf of Oman. Photo: AFP/Getty Images

Iranian forces reportedly shot down an American MQ-9 Reaper drone in the hours before Thursday's attack on two oil tankers near the Strait of Hormuz, a U.S. official tells CNN.

Why it matters: Heightened tensions and hawkish American rhetoric in the wake of Thursday's incident have brought back recently reduced fears that the U.S. could be on course for war with Iran.