Oil Prices Head for Weekly Gain as Hormuz Attacks Rattle Markets

AI Summary

Crude oil prices were set for a weekly gain as Iranian strikes on tankers in the Strait of Hormuz heightened concerns about oil flows. A U.S. inventory draw of 8.56 million barrels also supported prices, with Brent at $105.48 and WTI at $97.40 at the time of writing.

Crude oil prices were on course to book a weekly gain earlier today, amid continuing Iranian strikes on tankers in the Strait of Hormuz and a substantial inventory draw in the United States, at 8.56 million barrels for the week to October 9. At the time of writing, Brent crude was trading at $105.48 per barrel, with West Texas Intermediate at $97.40 per barrel. Both were off highs touched earlier in the week, but still higher than last Friday. “Uncertainty in the Middle East and concerns over the sustainability of oil flows through the Strait…