Oil Jumps Back Above $105 Yet Again

Oil rates jumped around 5 percent on Thursday.

Key points

• While West Texas Intermediate gained 5 percent to $92.69 per barrel, brent crude rose 4.81 percent from Wednesday's close to $105.02 per barrel.
• 12 attacks were recorded between September 28 and October 2, the highest number in any week since the Iran war began.
• Tanker traffic through the strategic waterway has dropped sharply, with flows on Tuesday falling to their lowest level since late July, according to Kpler.
• Reuters documented that new attacks on oil tankers in the Strait of Hormuz pushed costs higher.
• Operators along the Gulf began shutting in production and preparing refineries ahead of an approaching storm, adding another supply-related concern to the market.

Rates had declined earlier in the week after the International Energy Agency stated it would decide how to release 100 million barrels of crude oil and fuel agreed upon by G7 countries. Nevertheless, the planned release was already largely reflected in market costs, limiting its impact. 30% New Cars in Pakistan Will Be Electric.

Meanwhile, operators along the Gulf began shutting in production and preparing refineries ahead of an approaching storm, adding another supply-related concern to the market. Stay Connected with ProPakistani.

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In short, oil Jumps Back Above $105 Yet Again is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.