Oil Prices Hold Near $100 as Middle East Risks Offset Peace Hopes
December WTI crude oil is nearly unchanged for the week, but the flat result hides a rough ride. The contract opened at $99.04, rallied to $101.37, then broke to $95.25 before recovering back to its opening level. At 00:19 GMT, December WTI crude oil is trading at $99.29, up $0.25 or +0.25% for the
Source: OilPrice.com
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DW NOTE
WTI at $103 and Brent at $117 aren't holding near $100 — they're holding near the levels you get when 11 tankers are struck in the Strait of Hormuz in a matter of days. Iran has said the chokepoint reopens if the US complies with ceasefire terms; the US has not complied. There are no peace hopes offsetting anything — there is a collapsed ceasefire and active interdiction of crude shipments through the world's most critical oil transit route.