Oil prices fell by more than $1 — Channel NewsAsia
Global oil prices fell by more than $1 per barrel on October 15 after rising the previous day. As Channel NewsAsia reports, investors were assessing supply risks due to attacks on shipping in the Strait of Hormuz and the possible easing of U.S. sanctions on vessels.
As of 01:16 GMT, Brent futures had fallen by $1.39, or 1.31%, to $104.67 per barrel. U.S. WTI crude lost $1.02, or 1.07%, and traded at $94.07 per barrel.
Attacks near the Strait of Hormuz
The previous day, WTI rose to a three-week high after a Houthi attack on Saudi Aramco's headquarters and Iran's statement that it was using new tactics against vessels in the Strait of Hormuz. According to maritime officials, a container ship and a bulk carrier sank near the strait over the past 24 hours after being hit by projectiles in separate incidents.
Iran said it was intensifying strikes in response to the United States' blockade of its ports and tighter sanctions imposed last month. The source notes that the war with Iran has disrupted shipping, while freight rates have reached record levels.
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Sanctions and U.S. inventories
According to a U.S. official, President Trump's administration is considering easing sanctions on vessels of the so-called shadow fleet that transported oil and petroleum products from countries including the aggressor state Russia, Iran and Venezuela. The discussions concern a potential authorization to transport lawful oil on vessels that had previously been sanctioned.
The International Energy Agency also reported that crude oil exports by producers from Persian Gulf countries in the Middle East rose by 4.4 million barrels per day in September, to about 75% of the pre-war level.
Market sources, citing data from the American Petroleum Institute, reported a decline in U.S. crude oil inventories of 11.1 million barrels in the week ending October 9. This exceeded the expectations of analysts surveyed by Reuters. Official data from the U.S. Energy Information Administration were due to be released at 16:00 GMT after a one-day delay due to the Columbus Day holiday.
