ReportedShipping, energy & marketsGlobal oil markets; Strait of Hormuz
Brent rises above $106 as Iran threatens further tanker attacks
- Mountain Time
- Local time
- 5:31 AM UTC, Oct 14
- Where
- Global oil markets; Strait of Hormuz
OilPrice.com reported Brent crude trading at $106.37 per barrel and West Texas Intermediate at $94.72 as oil prices rose. The outlet attributed the move partly to Iranian officials telling Reuters that Iranian forces planned to intensify strikes on tankers in the Strait of Hormuz using new tactics.
Why it matters
Higher crude prices increase purchasing costs for refiners, while threatened tanker attacks complicate shipping and insurance decisions for Gulf oil cargoes.
Source
- OilPrice.comoilprice.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels