Oil Price Today (October 5): Crude oil dips to $101 despite simmering Iran war tensions. Here’s why
Brent crude futures fell 70 cents, or 0.69%, to $101.60 a barrel, while US West Texas Intermediate crude was at $90.15 a barrel, down 90 cents, or 1.07%.
Oil prices on October 5 fell to $101.60 a barrel for Brent crude and $90.15 for West Texas Intermediate, despite rising tensions over potential conflict in Iran. The decrease in prices was driven by an increase in Middle Eastern crude exports and plans by Group of Seven countries to release oil stocks. According to shipping data, exports of Middle Eastern crude had surpassed pre-war levels on four days of the final week of September, even as attacks on vessels in the Strait of Hormuz continued.
The Houthis claimed responsibility for launching ballistic missiles and drones at Saudi Aramco sites, while Yemen's Saudi-backed government announced a major military campaign to regain control of the country from Iran-backed Houthis. However, the threat of further supply disruptions in the Gulf oil infrastructure remained a concern, with Goldman Sachs analysts suggesting oil prices could climb as high as $120 a barrel if attacks intensified.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
