One Turn
Oil falls for the week on hopes of US-Iran deal
Oil fell about 11 to 15 percent for the week on hopes of a US-Iran deal. Attacks on ships near Hormuz continued. Analysts warn tension could push prices above $100. Brent is near $98.
Why it matters
Fuel and shipping costs worldwide depend on whether Hormuz reopens.
Background
Hormuz is a key route for oil shipments.
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 ↗Nov 6, 2:54 PM ET
- OilPrice ↗Nov 6, 10:28 AM ET
- OilPrice ↗Nov 6, 7:30 AM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.