Elections angst in oil markets
USO•Oil exports through the Strait of Hormuz fell from 17 million barrels per day in early October to around 11 million in recent days as reported ship attacks reached a record 12 last week. Oil prices topped $109 a barrel on Friday before Brent slipped on Monday.
1. Hormuz flows fall
Reported Iranian attacks on ships around the Strait of Hormuz reached a record 12 last week, while the UK Maritime Trade Operations agency said most vessels attacked refused to report strikes, making them difficult to count. Oil exports through the waterway fell from a peak of 17 million barrels per day in early October to around 11 million in recent days, Kpler data showed.
2. Prices and refiners
Oil prices topped $109 a barrel on Friday as investors worried the Iran war could reignite after President Donald Trump said the US might renew strikes on Iran's nuclear facilities. Brent prices slipped on Monday. Asian refiners, which buy most Middle Eastern oil, are facing soaring shipping costs that are squeezing profit margins.
3. China oil figures
China's economy grew 4.5% in the third quarter, beating forecasts, while Chinese refineries slightly increased processing rates in September for a third consecutive month. China cut crude imports by 21.5% from a year earlier while increasing domestic production.
