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.
TL;DR
- 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.