Oil Price Today (October 15): Crude oil dips to $105 despite rising Middle East tensions. Here’s why
Brent crude futures declined $1.50, or 1.41%, to $104.55 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $1.02, or 1.07%, to $94.07. Both benchmarks reversed gains made in the previous session.
Oil prices dipped to $104.55 per barrel for Brent crude and $94.07 per barrel for WTI on Thursday, despite rising Middle East tensions. The decline was attributed to investors assessing the risk of supply disruptions from attacks on shipping in the Strait of Hormuz and US efforts to lower petroleum transport costs by easing sanctions on vessels.
While the conflict has disrupted shipping and pushed freight costs to record highs, higher output from Russia and the Middle East has helped contain oil prices. However, uncertainty over the conflict's trajectory remains a concern for markets, with Goldman Sachs warning that oil prices could climb to $120 a barrel if attacks on vessels escalate.
Brief written by urgent.news from The Economic Times - Top News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Escalation of attacks threatens to derail recovery in Middle East oil exports hellenicshippingnews.com
- Middle East conflict: US destroys Iranian-linked dhow as Tehran shifts tactics near Hormuz gulfnews.com
- Oil prices fall as investors weigh supply outlook, Middle East tensions brecorder.com
- Oil prices fall as investors weigh supply outlook, Middle East tensions channelnewsasia.com
- Oil prices fall as investors weigh supply outlook, Middle East tensions investing.com
- Chinese refiners rush to buy Middle East crude as stocks fall, Kpler says middleeasteye.net
- Oil holds gain as Middle East and Russia strikes threaten supply businesstimes.com.sg
