Two more tankers were attacked near the Strait of Hormuz on Sunday, one in Hormuz and the other off the coast of Oman, Argus has reported, citing ship-tracking data and the Indian shipping minister. One of the targets was a Suezmax loaded with Iraqi crude, which had set sail on October 8, the Indian top shipping official said. It was hit by an unknown projectile that caused fire on board and, at the time of writing, two sailors were still missing. The other tanker was a product carrier that was hit by a drone.
That attack was reported earlier…
Market Context
Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.
Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.
What to Watch
Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.
Read original article at OilPrice.com