THE oil price has surged three per cent following explosions on two tankers in the Middle East.

READ MORE: Gulf of Oman incident: Two oil tankers 'hit by explosives' 

Brent crude rose $2 per barrel to around $62/bbl this morning as the blasts on vessels in the Gulf of Oman sparked concern about potential disruption to supplies amid tensions in the area.

The Gulf of Oman lies to the south of the Strait of Hormuz which is a key route for exports from the Middle East. Four tankers were attacked in the Strait of Hormuz last month.