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Oil Prices Retreat as Investors Weigh West Asia Tensions and Supply Outlook
M
Moneycontrol•15-10-2026, 11:15
Oil Prices Retreat as Investors Weigh West Asia Tensions and Supply Outlook
- •Brent crude futures dropped 1.6% to $104.42 a barrel, while US West Texas Intermediate fell 1% to $94.11.
- •Attacks on shipping near the Strait of Hormuz have surged, with two vessels sinking in the past 24 hours.
- •The Trump administration is considering easing sanctions on shadow-fleet vessels to help lower record freight costs and oil prices.
- •Increased crude output from Russia and West Asia has helped offset supply concerns and keep prices capped.
- •US crude inventories fell by a massive 11.1 million barrels last week, though oil prices showed little upward reaction.
Key Questions Answered
Oil prices fell as investors weighed supply risks from shipping attacks in the Strait of Hormuz against US efforts to reduce petroleum shipping costs by potentially easing sanctions on shadow-fleet vessels.
The Trump administration is considering easing sanctions on shadow-fleet vessels that transport oil from countries like Russia, Iran, and Venezuela to allow legal oil to flow and help lower prices.
The International Energy Agency reported that Russia's crude oil production rose by 65,000 barrels per day in September to 8.43 million bpd, while West Asia Gulf crude exports rose by 4.4 million bpd to reach about 75% of prewar levels.
