West Texas Intermediate (WTI) crude oil pulled back from a reported Asian-session high near $104 a barrel early Friday as traders weighed Iran diplomacy against shipping risks in the Strait of Hormuz.
The Economic Times, in a report published at 10:20 p.m. ET Thursday (02:20 UTC Friday), put WTI at $104 a barrel, up 2.30%. FXStreet reported at 1:03 a.m. ET Friday (05:03 UTC) that WTI had retreated from near $104 but remained above $102 and had risen for a third consecutive day. FXStreet did not identify its contract or quote feed, leaving the readings as separate snapshots. Reuters said WTI futures settled at $102 Thursday, down 78 cents, or 0.76%, after both benchmarks had fallen more than $2 per barrel earlier in the session. CME Group said Oct. 26 that futures settled near $101.50 after retreating from $103, while remaining up roughly 16% for October.
Reuters said renewed diplomatic efforts were weighing on oil prices. UBS analyst Giovanni Staunovo told Reuters that efforts to de-escalate the conflict were adding pressure. Reuters also reported, citing a person briefed on negotiations, that Qatari mediators had sent Iran a draft proposal. An unnamed senior Iranian official told Reuters the ideas were unacceptable and did not amount to an offer. Neither Qatar nor Iran publicly confirmed the account in the reports cited.
The United Kingdom Maritime Trade Operations (UKMTO) logged a company security officer’s account of an unknown projectile hitting a tanker as it left the Strait of Hormuz on Oct. 29. UKMTO’s update said no crew injuries or environmental effects had been reported when it was posted.
The U.S. Energy Information Administration (EIA) lists Cushing, Oklahoma, WTI spot prices at $109.72 per barrel on Oct. 23 and $105.25 on Oct. 26. Those spot figures and FXStreet’s reading may not be directly comparable because FXStreet did not identify its quote source. EconoTimes previously covered WTI’s pullback amid regional supply risks. Reuters said markets were also watching the risk of U.S. military action after Tuesday, Nov. 3, midterm elections.
