Oil Heads for 12% Weekly Loss Despite Fresh Tanker Attacks in Strait of Hormuz

Crude prices are set for a 12% weekly decline as U.S. midterm election results fuel hopes for a swift end to the Middle East war, but fresh tanker attacks in the Strait of Hormuz have triggered a modest intraday rebound. The attacks, with at least five vessel incidents reported, underscore persistent supply risks that could reverse the bearish sentiment if the conflict escalates.

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