Oil Advances on Supply Concerns

Oil prices achieved weekly gains despite a decline on Friday, amid uncertainty surrounding Middle Eastern supplies and a larger-than-expected drop in U.S. crude inventories. Market sentiment was affected by concerns over ongoing Iranian attacks on shipping in the Strait of Hormuz, one of the world's most vital oil export routes, where average flows reached 11.62 million barrels per day up to October 13, approximately 68% of normal levels. Reports from ING Bank and Kpler indicated that regional tensions are causing the market to view risks as elevated, with forecasts suggesting that the recovery of shipping traffic through the strait will be slower unless a comprehensive agreement is reached between the U.S. and Iran. In an effort to increase supplies, the International Energy Agency approved the release of more than 20 million barrels of diesel into the markets. However, analysts believe the oil market continues to be influenced by rising tensions in the Middle East, and that calming the market will require a resolution to these tensions.

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