Hormuz Tanker Strikes Keep Oil Set for Weekly Gain
Oil was on course for a weekly rise as tanker attacks cut flows through the Strait of Hormuz and US inventories fell.
Key takeaways
- Oil was on course for a weekly gain amid tanker strikes in the Strait of Hormuz.
- US crude inventories fell by 8.56 million barrels in the week to October 9.
Oil prices were on course for a weekly gain Friday as Iranian strikes on tankers in the Strait of Hormuz disrupted flows and US inventories fell. The US draw was 8.56 million barrels for the week to October 9.
At 05:30 UTC, Brent was reported at $105.48 a barrel and West Texas Intermediate at $97.40. By 07:25 UTC, Brent futures traded at $105.25, down 0.63% since the previous close, and WTI futures were at $95.71, down 0.82%.
Kpler reported that daily oil flows in the week to October 13 fell to 11.62 million barrels from a baseline of 17.15 million, according to Reuters. ING analysts said uncertainty over Middle East oil flows had added a risk premium to prices, and said a US-Iran agreement would be needed for its full removal.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
