Hot Commodities: Crude oil jumps nearly 4% on Hormuz attacks
Mumbai, Oct. 8 -- Crude oil prices climbed towards $92 per barrel in Asia on Thursday as increasingly frequent Iranian attacks on tankers in the Strait of Hormuz heightened supply concerns, while a potential hurricane threatened US Gulf of Mexico output. Brent rose nearly 4% to $104 per barrel, while WTI gained 3.56% to $91.46 per barrel. The EIA reported a 3.2 million-barrel draw in US crude inventories, pointing to tighter physical markets. Meanwhile, Tropical Storm Isaias prompted the shutdown of around 25% of Gulf of Mexico crude production, or roughly 0.5 million barrels per day. Earlier weakness was linked to the IEA's plan to begin releasing 100 million barrels of crude and fuels agreed by G7 nations, although the move is part of a b...
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