Oil Settles Near $100 as Hormuz Flows Stunt Rally
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Oil fell Monday, settling near $100 a barrel, on signs Saudi Arabia is boosting exports via the key Strait of Hormuz and fresh hopes for diplomatic progress in the Iran war. Brent, the global benchmark, declined for a fourth session, settling 3.4% lower. The October West Texas Intermediate contract, which expires on Tuesday, fell about 4.5%. Satellite data showed that Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, with the highest number of ships seen at the nation’s main Persian Gulf port since June. The images indicate that the kingdom is successfully redirecting its exports back toward the Gulf following the shutdown of its vital East-West pipeline due to drone attacks. For more, we speak with Humayun Tai, Global Leader of Energy & Materials at McKinsey. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET Saturday & Sunday 7am-10am ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio
Tags: Carol Massar, Crude Oil, Energy, Energy Supply, Gas, Hormuz, Hormuz blockade, Humayun Tai, Iran, McKinsey, McKinsey Report, Oil, Strait of Hormuz, Tim Stenovec, energy costs, oil prices
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