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According to the latest headlines floating on the wires, as reported by ISNA, there has been an explosion in an Iranian tanker that has set the NIOC (National Iranian Oil Company)-owned vessel on fire near the Saudi port city of Jeddah.

The explosion is said to have caused heavy damages to the vessel and oil is spilling into the Red Sea. The report further added that the reason for the explosion is still under investigation but experts say that it may be a terrorist attack.

Crude Oil prices rallied nearly 1.5% for the day and move back above the $54.00/barrel mark in reaction to the report. Apart from this, the outcome of US-China trade talks will play a key role in driving oil prices over the next few sessions.