Oil prices rise amid tanker attacks
(CNN)– Tensions in the Strait of Hormuz have led to oil ticking over $100 per barrel again.
As of this morning, (October 8) Brent Crude was trading at more than $104 and West Texas intermediate at $92.
That $12 difference is significantly higher than usual, and tells a story.
Because of where Brent Crude is drilled, it’s cheaper to transport overseas.
That makes its price more global and sensitive to geopolitical events.
A large differential signals those events are worrying traders.
On Tuesday, October 6, only seven tankers transited the Strait of Hormuz, which is less than half of average.
