Oil Jumps Back Above $105 Yet Again
Oil prices jumped around 5 percent on Thursday. Brent crude rose 4.81 percent from Wednesday’s close to $105.02 per barrel, … Read More The post Oil Jumps Back Above $105 Yet Again appeared first on ProPakistani .
Oil prices surged past $105 per barrel on Thursday, with Brent crude gaining 4.81% to $105.02 and West Texas Intermediate climbing 5% to $92.69, according to the wire service. The market rally came after a dip earlier in the week, following the International Energy Agency's announcement of a potential release of 100 million barrels of crude and fuel oils agreed upon by G7 nations.
However, that planned release had already been priced into the market, reducing its impact. Reports from Reuters indicated that a string of attacks on oil tankers in the Strait of Hormuz contributed to the price spike, with 12 incidents recorded between September 28 and October 2, marking the highest weekly count since the Iran war commenced.
The Strait of Hormuz has seen a significant drop in tanker traffic, with flows falling to their lowest since late July, according to Kpler data. Operators along the Gulf were also preparing for an approaching storm by halting production and readying refineries, adding to market concerns about potential supply disruptions.
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