Oil Prices Head for 12% Weekly Loss Despite Fresh Tanker Attacks

S. midterm elections, which gave rise to hopes that the war in the Middle East could be brought to a swift end. 242 per barrel, both up from Thursday’s close on reports of fresh tanker attacks in the Strait of Hormuz. Reuters reported at least five vessel incidents in the Persian Gulf since Sunday, with threats to commercial traffic persisting despite a recovery in crude shipments through the Strait of Hormuz.

The attacks, and skepticism about the prospects of peace between the United States and Iran, despite the Democrats’ victory in the midterms, put a floor under prices. “In the absence of escalation, the oil market is likely to continue to slowly give back the risk premium it built in recent months, with oil flows from the Persian Gulf holding…