WTI near US$95 as attacks threaten oil supply
The IEA said global observed oil inventories were 509 million barrels below pre-conflict levels, while tanker diversions added to concerns over shipping.
West Texas Intermediate crude traded near US$95 a barrel on Oct 15 as attacks in the Middle East and allegations of strikes on Russian refineries threatened oil supplies. The November contract was down 0.3% at US$94.77 at 7:13 a.m. in Singapore, following a 1% rise in the previous session.
Brent’s December contract settled at US$106.06 a barrel, up 0.4%. Brent has risen more than 70% this year amid disruption to energy markets from the US-Iran war.
A cargo vessel sank in the Strait of Hormuz after unidentified projectiles hit it. Iran-backed Houthis also continued missile and drone strikes across Saudi Arabia.
Russia alleged that Ukraine had struck two oil refineries despite an energy ceasefire promoted by US President Donald Trump. Kyiv rejected the allegation, which Bloomberg said it could not independently verify.
The International Energy Agency said fighting had depleted global observed inventories, leaving them lower than before the conflict by 509 million barrels. Land-based stocks were close to their lowest level in at least a decade.
Tankers with capacity for at least 37 million barrels have halted or diverted while approaching loading locations off Oman and the United Arab Emirates. The diversions suggest Iranian attacks are complicating export logistics, although there is not yet clear evidence of reduced Gulf flows.
