Oil Market Tightens as Tanker Attacks and Inventory Draws Mount
Brent crude is once again over $106, Iran is intensifying attacks on tankers in Hormuz, and global inventories are draining, while OPEC just forecast stronger demand for next year. Six months ago, one well-timed TruthSocial post by President Trump would have calmed traders down. Now, this no longer
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed for three days — only 2 ships transited on October 11 versus the normal 85. WTI is up 8.76% in a week but still 15% off its yearly high. That's not a tight market, that's a market pricing in a reopening it hasn't seen yet.