ReportedShipping, energy & marketsGlobal oil market; Strait of Hormuz
Brent crude rises to $102.50 as Hormuz tanker attacks increase
- Mountain Time
- Local time
- 5:08 AM UTC, Oct 8
- Where
- Global oil market; Strait of Hormuz
Brent crude traded at $102.50 a barrel, up more than 2% from the previous close, while West Texas Intermediate traded at $89.96. OilPrice.com attributed the move to reports of increasingly frequent attacks on tankers in the Strait of Hormuz and Gulf of Mexico production shut-ins ahead of a storm.
Why it matters
The renewed move above $100 raises the immediate cost of crude purchases for importers and adds pressure on governments weighing emergency stock releases.
Source
- OilPrice.comoilprice.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels