A ship transits the Gulf of Oman off the coast of Khor Fakkan in the emirate of Sharjah in the eastern UAE on October 13, 2026.
– | AFP | Getty Images
Crude oil fell on Thursday as traders analyzed the International Energy Agency’s latest monthly report on the oil market outlook and assessed potential supply disruptions following attacks on ships transiting the Strait of Hormuz.
International benchmark futures brent crude oil Prices for December delivery fell 1.66% to $104.31 per barrel. us West Texas Intermediate Futures In November, the price fell 1.09% to $94.05 per barrel.
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A Singapore-registered ship sank in the crucial Strait of Hormuz, raising concerns about a protracted conflict in the Middle East. “Such attacks are unprovoked, unjustified and in violation of international law,” Singapore’s maritime authorities said in a statement on Wednesday.
Meanwhile, Iran said it was ” biding its time ” before launching attacks on U.S. warships.
The International Energy Agency warned in its October oil report released Wednesday that diesel market constraints could continue into next year as new attacks on Saudi Arabia threaten to derail the recovery of oil supplies.
To help ease prices, the Trump administration is considering easing sanctions on “shadow fleet” vessels that transport oil and petroleum products from countries such as Russia, Reuters reported.
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Firas Bechwati, head of business development at online trading platform ICM, said late on Wednesday that there was “little immediate prospect of a full reopening of the waterway” given the lack of progress on diplomatic lines between the United States and Iran.
“At the same time, Saudi Arabian crude oil continues to reach overseas buyers through alternative routes, and the acceleration of emergency stock releases by IEA member states provides an additional cushion, preventing a sharp rise in prices even as tensions remain high,” Beshwati noted.
