Brent Closes at $116.72 After Third Weekly Gain
Brent crude closed at $116.72 per barrel, rising 3.14% for the session and 6.24% for the week, as fears over Middle East oil supply disruptions escalated.
Oil prices closed near $117 per barrel after Brent crude recorded its third consecutive weekly gain, as concerns over Middle East supply disruptions drove prices higher once again.
December Brent crude settled at $116.72 per barrel, up 3.14% for the session and 6.24% over the week. US West Texas Intermediate (WTI) crude also closed at $103.27, a gain of 3.82% on the session.
Argaam reported that the gains came amid escalating attacks on commercial vessels in the Strait of Hormuz and surrounding areas during October, representing the worst wave of its kind according to data from a Washington-based research institute. It added that markets are also monitoring the US-Iran standoff and the potential for crude shipment disruptions through the vital maritime waterway.
Oil & Gas Journal noted that Brent traded above $117 during the session, its highest level since late April. This comes as investors monitor the impact of ongoing tensions on shipping and insurance costs, as well as fuel prices in the region.
What Do These Terms Mean?
Brent Crude: A crude oil blend used as a global benchmark for pricing a major portion of crude oil, originating mainly from the North Sea.
West Texas Intermediate (WTI): The US benchmark crude oil blend, traded on the New York Mercantile Exchange and commonly abbreviated as WTI.
Strait of Hormuz: A narrow waterway connecting the Persian Gulf to the Gulf of Oman, through which a significant portion of global oil exports passes.
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