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Strait of Hormuz Shipping Risks Push Oil Prices Up From Two-Month Lows
- Brent and WTI crude prices rose from two-month lows on Wednesday, reflecting market volatility between hopes for United States-Iran de-escalation and concerns over Strait of Hormuz shipping attacks.
- The Washington Institute for Near East Policy reports 37 vessels were attacked in the Strait of Hormuz last month, the highest monthly total since the Middle East war began.
- Sparta Commodities analyst June Goh noted "an increase of vessel attacks in the Gulf shipping lanes amidst uncertainty of the diplomacy talks," citing Iran's willingness to meet United States demands as the top oil price driver.
- Even if a deal is struck, increased waterway flows depend on mine clearance, insurance costs, and whether shipowners are willing to take risks, LSEG Oil Research notes.
- American Petroleum Institute data shows crude stocks rose 9 million barrels for the week ending November 6, while OPEC production returned to 90% of pre-war levels as investors price out geopolitical risk premiums.
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130 Articles
130 Articles
Oil prices head for second weekly drop as US-Iran tensions ease, shipping risks persist
Brent and WTI fall nearly three percent this week amid expectations of reduced military escalation and signs of weaker US demand, while attacks on Gulf shipping keep supply concerns alive.
·Istanbul, Türkiye
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Shafaq News - Follow-up: Global oil prices rose on Thursday evening, erasing earlier losses, after US President Donald Trump stated that the United States does not need to reach an agreement with Iran. Brent crude futures climbed by as much as 1.8% to surpass $94 a barrel in London, after having fallen earlier amid signs of a recovery in oil supplies. Oil prices had fallen by more than a dollar a barrel on Thursday morning, with Brent crude futu…
·Iraq
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Coverage Details
Total News Sources130
Leaning Left6Leaning Right20Center20Last UpdatedBias Distribution44% Center, 43% Right
Bias Distribution
- 44% of the sources are Center, 43% of the sources lean Right
44% Center
13%
C 44%
R 43%
Factuality
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