Shares of crude oil are spiking in afternoon trading after two oil tankers were attacked in the Gulf of Oman, which connects the Arabian Sea with the Strait of Hormuz, which then runs to the Persian Gulf. One of the ships was transporting oil and the other was carrying chemicals, according to media reports. Crude prices spikes around 3% in early trading, and are currently up over 2% FRONTLINE TANKER: According to the publication Shippingwatch, Vessel Front Altair, which is owned by John Fredriksen's tanker shipping company Frontline, was among two ships attacked off the coast of Fujairah in the Gulf of Oman. "The crew of the Frontline vessel has been picked up," according to the report. SHIPPING RATES TO JUMP: "The insurance premium will go up I'm sure, and shipping rates will follow suit," said Peter Hinchliffe, a U.K.-based independent marine consultant, in a Wall Street Journal article. PRICE ACTION: Shares of Frontline are up over 11% to $8.05 in afternoon trading. OTHERS TO WATCH: Shares of other firms in the shipping space are all higher including Ardmore Shipping (ASC), Scorpio Tankers (STNG), Euronav NV (EURN), Navios Acquisition (NAV), TOP Ships (TOPS) and Teekay (TK).