International Oil Prices Crash Again

International oil rates fell to as low as $87 on Tuesday after supply levels suddenly returned to pre-war levels.

Key points

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• At the time of press, Western Texas Intermediate (WTI) dropped to $86, down by $2 or 2 percent.
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• The recovery has supported keep more crude moving despite continued security risks around the Strait of Hormuz.
• This means the pressure on diesel and other refined fuels could remain even as crude supply improves.

Independent data collectors based in the Gulf and Eastern Europe documented that Iran oil exports remain low while Saudi Arabia, Iraq and secondary suppliers noted up to 7 million barrels per day previously few days.

At the time of press, Western Texas Intermediate (WTI) dropped to $86, down by $2 or 2 percent. Brent was down by $2 or 1.8 percent to $98. UAE crude at present employed by Pakistan fell near $103 in the last 12 hours. Petrol Cost Up 3rd Day in a Row.

Meanwhile, the recovery has supported keep more crude moving despite continued security risks around the Strait of Hormuz. On a number of days in late September, Gulf crude flows even exceeded pre-war levels by up to 91 percent. Still, long-term normalcy is not guaranteed. Refined fuel exports remain much weaker at around 60 percent.

This means the pressure on diesel and other refined fuels could remain even as crude supply improves. Shipping risks in the region additionally continue to keep a geopolitical premium in oil costs. Stay Connected with ProPakistani.

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For now, international Oil Prices Crash Again remains the part of the story worth watching, and further updates are likely as more details are confirmed.