Washington, Oct. 20 -- Oil prices remained near a five-month high on Tuesday as traders assessed the risk of further Iranian attacks in the Strait of Hormuz, despite relatively strong crude oil flows from the Persian Gulf.
Brent crude futures, the international benchmark, traded at around $110 a barrel ahead of the opening of European markets, while US benchmark West Texas Intermediate (WTI) crude stood above $104 a barrel for delivery next month.
ING commodities strategists said elevated prices despite the recovery in crude flows suggested the market was factoring in a substantial risk premium amid continued uncertainty.
"Suggest the market is pricing in a significant risk premium, given the situation's volatility," the strategists said...