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StanChart Sees Higher Oil Floor as Hormuz Crisis Spreads to Saudi Export Routes

Oil prices pulled back but remained elevated ahead of a critical Fed decision on Wednesday, with market expectations shifting towards a prolonged US-Iran conflict. Brent crude for November delivery fell 2.88% at 2:18 p.m. ET, to trade at $105.6 per barrel, while WTI crude for October delivery declined 3.33% to change hands at $102.3/bbl. The Federal Reserve raised interest rates by 25 basis points on Wednesday to a range of 3.75% to 4.00%, its first rate hike since 2023, as policymakers responded to renewed inflationary pressure. Fed officials…

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Oil prices pulled back but remained elevated ahead of a critical Fed decision on Wednesday, with market expectations shifting towards a prolonged US-Iran conflict. Brent crude for November delivery fell 2.88% at 2:18 p.m. ET, to trade at $105.6 per barrel, while WTI crude for October delivery declined 3.33% to change hands at $102.3/bbl. The Federal Reserve raised interest rates by 25 basis points on Wednesday to a range of 3.75% to 4.00%, its first rate hike since 2023, as policymakers responded to renewed inflationary pressure. Fed officials…

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https://oilprice.com/Energy/Crude-Oil/StanChart-Sees-Higher-Oil-Floor-as-Hormuz-Crisis-Spreads-to-Saudi-Export-Routes.html

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