The St. Nikolas was transporting crude from Iraq to Turkey when it was boarded An oil tanker has been boarded and seized by Iranian forces in Gulf of Oman, Tehran’s Navy confirmed on Thursday. The St Nikolas – a Greek-owned vessel bearing the Marshall Islands flag – was taken in retaliation for last year’s incident…

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The escalation of the Israeli-Palestinian conflict has sparked fears over potential oil supply disruptions in the region Global oil prices saw a sharp increase on Wednesday amid fears that the conflict between Israel and the armed Palestinian group Hamas could spread to other countries in the Middle East, causing  global oil supply disruptions.