Oil Prices Fall as Markets Assess Mideast Tensions and IEA Report
· Business · CNBC, Bloomberg
Oil prices declined as traders evaluated potential supply disruptions following the sinking of a Singapore-registered ship in the Strait of Hormuz. International benchmark Brent crude for December delivery dropped 1.66% to $104.31 a barrel, while U.S. West Texas Intermediate futures fell 1.09% to $94.05 per barrel. The International Energy Agency released its October oil report cautioning that diesel market constraints could persist into next year. To help ease market pressures, the Trump administration is considering relaxing sanctions on shadow fleet vessels transporting oil from countries such as Russia. Meanwhile, Iranian officials stated they are awaiting opportunities to strike U.S. warships in the region.
Why it matters
Crude price fluctuations impact global energy costs, transportation expenses, and inflation rates for consumers worldwide.
Read the original report — CNBC
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