One Turn
Brent crude tops $113, highest level since May
Brent crude rose above $113 a barrel on Thursday, a five-month high, after tanker attacks near Hormuz, Houthi strikes in Saudi Arabia and reports of possible US action against Iran. Citi, which three months ago forecast $60 to $65 Brent by year-end, now sees more upside risk, citing difficulties getting crude out of the Gulf. Kpler data reported by the Wall Street Journal show Iranian oil in floating storage has been drained under the US blockade.
Why it matters
Higher crude prices feed into fuel, transport and heating costs for households and businesses worldwide.
Background
Brent is the main international oil price benchmark. Prices have swung sharply during the US-Iran conflict as Gulf exports were disrupted and then partly recovered.
The story so far
- Iraq's October oil exports near pre-war levels at 3.4m barrels a day
- Brent crude tops $113, highest level since May
- Brent crude briefly passes $117 on fears of renewed Iran strikes
- US says it helped Gulf states ship 1.5 billion barrels through Hormuz
- Oil stays above $100; diesel tight
- Oil swings on Iran news; Brent above $104
- Oil falls for the week on hopes of US-Iran deal
- Iraq says it can export oil through Hormuz
- UAE oil exports back to pre-war levels via Fujairah
Sources
- CNBC ↗Oct 22, 2:08 PM ET
- The Guardian ↗Oct 22, 7:28 AM ET
- OilPrice ↗Oct 22, 1:30 PM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.