One Turn
Oil rebounds toward $100 after midweek slump
Brent crude rose about 1% to $99.26 a barrel. Prices had fallen sharply on Wednesday on hopes the election result would lead to a deal with Iran. They recovered as ships came under attack in the Gulf. Some US shale producers are holding back drilling despite higher prices.
Why it matters
High oil prices raise fuel and shipping costs for households and businesses worldwide.
Background
Oil prices have been volatile since the Iran war began disrupting Gulf shipments.
The story so far
- Oil rebounds toward $100 after midweek slump
- Oil falls as Iran hopes grow
- Asian oil buyers turn to Africa and Brazil; ASEAN plans emergency stockpile
Sources
- OilPrice ↗Nov 5, 8:00 PM ET
- OilPrice ↗Nov 5, 2:30 PM ET
- CBS News ↗Nov 5, 3:05 PM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.