Brent retreats to $104 despite supply disruption threats, US sanctions easing plans
Published 1 d ago6 sourcesEvidence: Reported
November WTI futures rallied sharply this week, driven by a large U.S. crude inventory draw reported by the EIA, which outweighed supply-relief headlines. The market also absorbed tanker attacks near the Strait of Hormuz, renewed strikes on Russian refineries, emergency stock releases, and reports of sanctioned vessels moving legal oil. The divergent WTI-Brent performance reflects regional supply tightness in the U.S. amid ongoing geopolitical risk.
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WTI futures have rallied sharply, outperforming Brent, driven by a significant U.S. crude inventory draw. This regional tightness in the U.S. market is occurring amidst ongoing geopolitical risks including tanker attacks near the Strait of Hormuz, renewed strikes on Russian refineries, and persistent Russia-Ukraine tensions, which are partially offset by ample global supply.
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