Pirate seizure of huge Saudi crude tanker, reported first by Reuters, troubles oil markets

Reuters was first to report that a huge Saudi crude oil tanker, The Sirius Star, was hijacked by Somali pirates on Nov 17. The news, released by the U.S. Navy, briefly pushed up oil prices, which later fell on recession worries. Reuters was 24 minutes ahead of Dow Jones with its report, which was immediately read out by television news stations globally. The daring hijack took place further out to sea than any previous attack, marking a dramatic escalation in the threat from pirates based in lawless Somalia. Reuters coverage comprehensively analysed and explained the significance of the incident and made clear The Sirius Star was the largest vessel ever hijacked.