Brent crude settles at a six-month high above $116 on reports of planned US strikes on Iran after the midterms
CNBC tracks the week's swings and the Houthi attacks on Saudi oil sites that keep a risk premium in prices.
Brent crude rose 3.1% on October 23 to settle at $116.72 a barrel, its highest settlement since April 29, and gained 6.2% for the week, its third straight weekly rise. US West Texas Intermediate settled at $103.27. CNBC reports the move followed a New York Times report, citing US officials, that the US and Israel plan fresh strikes on Iran after the midterm elections, while Iran-allied Houthi militants kept attacking Saudi Arabia.
Prices eased early in the week, with Brent settling at $115.81 on October 26, then rose again on October 28 to $115.32 after The Wall Street Journal reported the US had told Gulf Arab countries to be ready for a short, intense campaign after the midterms. CNBC also reports the US Strategic Petroleum Reserve stood at 282.6 million barrels, its lowest since 1982.
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Strategic Petroleum Reserve (United States)
After exploring Stocks close higher as excitement over Anthropic IPO filing propels tech sector: Live updates, for what the emergency stockpile is and how big it can be, read Strategic Petroleum Reserve (United States).
Wikipedia describes the SPR as the US Department of Energy's emergency petroleum stockpile, the largest publicly known in the world, stored in underground tanks in Louisiana and Texas with capacity for 714 million barrels.
Wikipedia · Wade · 5 min
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Brent Crude
After exploring Brent crude oil tops $116, a six-month high, as tensions swell in the Middle East, for why one North Sea grade sets prices worldwide, try Brent Crude.
Wikipedia explains Brent Crude as the world's most widely used benchmark for oil prices, and a light crude that yields high volumes of petrol and diesel.
Wikipedia · Wade · 5 min
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