Oil prices jump amid record tanker attacks in Hormuz
By Hanna Ziady, CNN
London (CNN) — Oil prices climbed Thursday on continued worries about global supply following a record number of tanker attacks that sent crossings through the Strait of Hormuz to a two-month low.
Brent crude, the global oil benchmark, rose more than 5% to trade at $105.46 a barrel shortly after 7 a.m. ET. West Texas Intermediate, the US benchmark, increased by a similar margin to $92.82 a barrel.
Just seven tankers transited the Strait of Hormuz on Tuesday, less than half the seven-day average and the lowest number since July 23, Kpler data showed. There have been a record number of attacks on commercial vessels, with 10 tankers struck in the strait between September 28 and October 4, well above the previous weekly high of six, Kpler said in a report Thursday.
The rise in attacks comes even as more crude has been flowing out of the Gulf, highlighting the ongoing risks to crew and cargoes. In the latest attack Wednesday, a tanker reported being struck by “multiple projectiles,” causing casualties, the UK Maritime Trade Operations agency said.
Upward pressure on oil prices also came from concerns about further supply losses as Hurricane Isais heads towards America’s refining hub on the Gulf Coast. Oil majors Shell and Chevron said they would curtail production in the region and evacuate nonessential personnel.
Rising oil prices were accompanied by an increase in European natural gas and diesel prices, fanning inflation fears and contributing to a renewed selloff in European bonds given the continent’s reliance on imported energy.
European benchmark natural gas prices neared their recent high from mid-September earlier on Thursday before pulling back. ICE Gasoil Futures, a benchmark for European diesel prices, closed 6% higher on Wednesday after the International Energy Agency said member governments would not add to the 400 million barrels of oil they agreed to release in March.
To date, roughly 325 million barrels of oil have been released, with approximately 100 million more barrels still to be brought to the market, the IEA said in a statement Wednesday, pledging to “accelerate” those releases. Those 100 million barrels would include the diesel release that G7 countries agreed to last week.
“IEA Member governments still have significant levels of publicly held emergency oil stocks – equivalent to around 1.1 billion barrels, including over 200 million barrels of diesel,” the Paris-based energy body said.
“The IEA stands ready to release more of these stocks to the market if and when required.”
Average US diesel prices at gas stations were slightly lower on Thursday than the day before, at $6.28 a gallon. Average US regular gasoline prices were flat on the previous day at $4.36 a gallon, according to AAA data.
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