Oil prices set for 12% weekly drop despite tanker attacks in Gulf

Photo by Jan Zakelj Oil prices are set to experience a significant decline this week, with both Brent and West Texas Intermediate (WTI) crude likely to fall around 12%, despite recent attacks on tankers in the Gulf and Strait of Hormuz. This drop comes as markets appear to weigh the impact of potential de-escalation in Middle Eastern conflicts, which has overshadowed immediate supply concerns from the tanker incidents. Current futures pricing indicates Brent at approximately $99.86 per barrel and WTI at $91.62, despite a recovery from an earlier 8% slump on Wednesday. Key Takeaways Market activity appears consistent with reduced expectations for crude oil reaching a new all-time high by December 31. Despite fresh tanker attacks, the observed 12% weekly drop suggests markets are focused on potential geopolitical de-escalation. Brent and WTI crude futures have rebounded slightly but remain on track for notable weekly losses. What to Watch The focus will be on geopolitical developments in the Middle East, specifically any de-escalation that could further influence oil prices. Observers will be monitoring statements from key figures such as OPEC’s Mohammad Sanusi Barkindo and Saudi Ene...