Brent crude dips, but remains above $101
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Oil prices fluctuated during early trading today, Sept. 10. Brent crude, however, held above $101 amid escalating military tensions between Washington and Tehran, threatening to widen the scope of oil supply disruptions.
Tehran announced on Sept. 9 that it had attacked 10 ships near the Strait of Hormuz in retaliation for Washington's sinking of five Iranian oil tankers, amid threats from the Iranian Revolutionary Guard to escalate its response to any new attacks, Reuters reported.
The US Energy Information Administration raised its oil price forecasts for this year and next, citing declining global inventories due to supply disruptions in the Middle East.
Data from the American Petroleum Institute showed a decline in US crude inventories, while markets await official data from the Energy Information Administration later today.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (November delivery) |
101.05 |
(0.16) |
(0.15%) |
|
WTI (October delivery) |
96.13 |
0.08 |
0.10% |
*At 07:48 am Makkah time
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