Oil Up 4 Percent on Hormuz Attacks and US Storm Threat
Iran reaffirmed its control over the Strait of Hormuz, while the U.S. military said commercial traffic continued to flow.
Oil prices increased by approximately 4 percent on October 8th, driven by attacks on shipping in the Persian Gulf and the Strait of Hormuz, which heightened supply concerns. A tropical storm also posed a threat to U.S. offshore production. These events caused both U.S. West Texas Intermediate and Brent crude futures to climb significantly.
- Oil prices rose by about 4 percent on Oct. 8.
- Attacks on shipping in the Persian Gulf and Strait of Hormuz fueled supply fears.
- A tropical storm threatened U.S. offshore production.
- U.S. West Texas Intermediate crude rose by 3.9 percent to $92.40.
- Brent crude futures climbed by 4.15 percent to $105.41.
- Previous day’s settlement was lower after the IEA announced members agreed to speed up emergency oil stock releases and prioritize diesel.
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