Oil prices fluctuate as Hormuz tanker attacks reach record weekly high

Global oil markets traded with high volatility on Thursday, 8 October, as traders balanced the recovery of Gulf crude exports against escalating security threats in the Strait of Hormuz. West Texas Intermediate (WTI) rose 0.62% to $88.83 per barrel, while Brent crude dipped 0.38% to $100.20, according to data from OilPrice.com. Abu Dhabi’s Murban crude traded at $106.69, marking a 0.47% increase. Security risks offset supply recovery The price fluctuations follow reports of intensified maritime hostility. Maritime security sources cited by Reuters confirmed at least 12 attacks or harassment incidents involving oil, LNG, and LPG tankers around the Strait of Hormuz between 28 September and 5 October. This represents the highest weekly level of maritime interference since the regional conflict began. In one recent incident, 12 crew members were injured when the Panama-flagged tanker On Peace was struck by an unidentified projectile. The persistent threat to shipping lanes has maintained a "geopolitical premium" on crude prices, even as physical supply levels stabilize. High freight rates and surging war-risk insurance premiums continue to inflate costs for global buyers, despite the diversification of export routes by regional producers. Export volumes return to pre-war levels Data from Kpler indicates that Gulf producers have successfully restored substantial export volumes using pipelines and ship-to-ship transfers. Total crude and condensate exports from the region,…