Oil
Oil prices show mixed results amid Middle East conflict
Global crude benchmarks diverged as ongoing Middle East hostilities affected maritime transport in the Strait of Hormuz.
Key points
- WTI crude futures rose 1.1% to $96.13 per barrel.
- December Brent futures declined 1% to $105.00 a barrel.
- Two container ships were struck by projectiles in the Strait of Hormuz.
What happened
Crude oil benchmarks moved in opposite directions during Thursday morning trading, according to Yahoo Finance, as conflict persisted in the Middle East. The instability impacted maritime trade routes, with two container ships hit by projectiles in the vital Strait of Hormuz.
West Texas Intermediate November crude futures, representing the United States benchmark, increased by 1.1% to reach $96.13 per barrel. Conversely, December Brent futures, the international benchmark, decreased by 1% to settle at $105.00 per barrel.
Broader market impacts
Financial markets also reacted to wider economic indicators released during the session. Comex gold for December delivery advanced 1.7% to $4,178.40 per ounce, supported by declining bond yields. Meanwhile, United States 10-year Treasury yields dropped 1.34 basis points to 5.056%.
In economic data, the Bureau of Labor Statistics reported that the Producer Price Index grew by a seasonally adjusted 1.3% in September. This marked the most significant monthly increase since March 2022, pushing the 12-month unadjusted figure to 6.3%.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
26.7% of Canada’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
