Oil prices fall by more than $1 - Channel NewsAsia
Global oil prices dropped by over $1 per barrel as investors weighed supply risks in the Strait of Hormuz against potential U.S. policy shifts regarding sanctions. Tensions in the Middle East continue to impact shipping routes and freight rates.
Why it matters
Fluctuations in oil prices have significant implications for the global economy, inflation, and international energy security.
--> Global oil prices fell by more than $1 per barrel on October 15 after rising the previous day. As Channel NewsAsia reports , investors were assessing supply risks due to attacks on shipping in the Strait of Hormuz and the possible easing of U.S. sanctions on vessels.
As of 01:16 GMT, Brent futures had fallen by $1.39, or 1.31%, to $104.67 per barrel. U.S. WTI crude lost $1.02, or 1.07%, and traded at $94.07 per barrel.
The previous day, WTI rose to a three-week high after a Houthi attack on Saudi Aramco's headquarters and Iran's statement that it was using new tactics against vessels in the Strait of Hormuz. According to maritime officials, a container ship and a bulk carrier sank near the strait over the past 24 hours after being hit by projectiles in separate incidents.
Also covering this story
7 other newsrooms covered this event. We read each version separately.
Two ships sink near Strait of Hormuz as attacks on commercial vessels intensify
Oil prices rise as Iran deploys new tactics to target ships transiting Hormuz
Iran reports cargo ship sinks after hitting mine in Strait of Hormuz
Container ship hit by projectile sinks in Strait of Hormuz, Singapore says
Container ship sinks in Strait of Hormuz as Iran steps up attacks
CNBC Daily Open: A Singapore ship goes down as Hormuz risks rise
Oil prices rise after reported Iranian attacks on ships in Strait of Hormuz
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