2 UAE Cargo Ships Sink in Strait of Hormuz / Oil Prices Spiral Out of Control

Despite the sinking of two commercial vessels near the world's most strategic waterway, an International Energy Agency report points to a sudden surge in oil exports.

Ambassador Arjan: Despite the sinking of 2 commercial vessels near the world's most strategic waterway, the report of the International Energy Agency reports a sudden jump in oil exports.

Meanwhile, December West Texas Intermediate crude oil futures fell 1.1 percent to $92.91 per barrel, although shipping risks remain high after the sinking of two Emirati cargo ships near the Strait of Hormuz.

According to this American newspaper, despite the ongoing risks, Middle East crude oil exports have improved significantly. The International Energy Agency announced yesterday (October 22) that Persian Gulf crude oil shipments in September increased by 4.4 million barrels to 13.9 million barrels per day and reached more than 75% of the pre-war level. The global oil supply reached 102.3 million barrels per day with a daily increase of 2.5 million barrels.

Be sure to read: Unprecedented attack on oil tankers in the Strait of Hormuz / Oil exceeded $102

However, the agency said the recovery process remains vulnerable to renewed attacks on energy and shipping infrastructure.

The increase in shipping costs has also caused geopolitical risks to increase the price of oil.

Meanwhile, investors are waiting for the publication of the weekly statistics of US oil inventories by the Energy Information Administration of this country. The information is expected to be released later today after a one-day delay due to Monday's federal holiday.