Rolling coverage of the latest economic and financial news, as surveyors report signs of life in Britain’s property market
- Introduction: Brexit delay is helping housing market
- RICS house price measure jumps to -10 from -22
- Oil tanker incident in Gulf of Oman
- Oil jumps over 3%
News that an oil tanker has caught fire in the Gulf of Oman is fuelling fears of geopolitical unrest in the region.
Neil Wilson of Market.com explains:
Oil has shot up sharply after slumping to 5-month lows overnight. Reports of an oil tanker being on fire in the Sea of Oman rattled markets and sent Brent up $2 in a matter of minute, but await to see whether this will hold or is an algo-based kneejerk that will be faded.
We know that geopolitical tensions in the region are worsening and raise supply-side concerns in terms of short-term outages etc – but with OPEC already curbing output and US production at a record high the market is far less susceptible to a shock.
Newsflash: The oil price has just surged on reports that a tanker in the Gulf of Oman is on fire.
Details of the incident are sketchy, beyond that it happened near the Iranian coast.