Brent slips below $105 after Hormuz ship attacks rattle oil trade
What's new: A Singapore-registered ship was sunk, while the IEA warned diesel market strains could last into next year.
Oil prices fell Thursday as traders weighed fresh shipping attacks near the Strait of Hormuz against signs that emergency stock releases and alternative Saudi export routes are cushioning supply losses. Brent crude for December dropped 1.66% to $104.31 a barrel, while U.S. West Texas Intermediate for November fell 1.09% to $94.05. The moves came after four tankers were hit by projectiles on Oct. 11 and a Singapore-registered vessel was later sunk in the waterway. The International Energy Agency said tight diesel markets could persist into next year, and warned new attacks on Saudi Arabia could disrupt the kingdom's production recovery.