Brent Holds Above $100 as Hormuz Tanker Traffic Hits Two-Month Low
Crude oil prices were on course to book a weekly gain earlier today amid a flurry of tanker attacks in the Strait of Hormuz—and outside it, too. Reports citing President Trump as saying productive talks were being held with Iran failed to allay concerns driving the benchmarks higher. At the time of
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed since October 4, with traffic down from 85 ships per day to 4. Brent at $103 isn't holding a level — it's pricing the loss of 20% of global seaborne oil flows while the IEA already forecasts supply down 5.7 million barrels per day this year.