Oil Rises as Middle East Tanker Attacks Add to Political Risks

Saudi Arabia said two of its tankers were damaged in “a sabotage attack” while sailing toward the Persian Gulf, though no one has yet claimed responsibility. Separately, China announced it will raise tariffs on some U.S. goods from June 1 following Washington’s decision to increase levies on $200 billion of Chinese goods Friday, escalating a prolonged trade war. The tanker attacks are a signal of the growing political risk in the oil market since the U.S. ended waivers for crude purchases from Iran earlier this month.