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Oil Prices Head for 12% Weekly Loss Despite Fresh Tanker Attacks
Crude oil prices were on course for a sharp weekly drop, with both Brent crude and WTI shedding 12% since Monday, following the results of the U.S. midterm elections, which gave rise to hopes that the war in the Middle East could be brought to a swift end. At the time of writing, Brent crude was trading at $99.42 per barrel, and West Texas Intermediate was trading at $91.242 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…