Oil prices today: Brent, WTI fall
Global oil prices are experiencing volatility as traders react to supply concerns following a ship attack in the Strait of Hormuz. While Brent crude prices fell, U.S. WTI futures rose amid ongoing geopolitical tensions between the U.S. and Iran.
Why it matters
Fluctuations in oil prices directly impact global inflation, transportation costs, and energy security for major economies.
U.S. crude oil prices rose Thursday as traders assessed potential supply disruptions following attacks on ships passing through the Strait of Hormuz.
Futures for international benchmark Brent crude for December delivery dropped 54 cents to $105.52 a barrel. U.S. West Texas Intermediate futures for November were up $1.58 to $96.67 per barrel.
brent A Singapore registered ship was sunk in the critical Strait of Hormuz, which raised worries of a prolonged Mideast conflict. "Such attacks are unprovoked, unjustifiable and a breach of international law," the Singapore maritime authority said in a statement Wednesday.
Iran, meanwhile, has said it is "counting the moments" until it can start striking U.S. warships.
The International Energy Agency in its oil report for October out Wednesday cautioned that constraints on diesel markets could continue well into the next year, with fresh attacks on Saudi Arabia threatening to derail a recovery in oil supply.
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
Oil prices fall by more than $1 - Channel NewsAsia
Container ship sinks in Strait of Hormuz as Iran steps up attacks
Oil prices rise after reported Iranian attacks on ships in Strait of Hormuz
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