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Tanker hit by two projectiles off Saudi Arabia's coast, UKMTO reports
Two unidentified projectiles hit a tanker travelling south-east through the Arabian Gulf, approximately 72 nautical miles east of Ras Al Khafji, Saudi Arabia, according to a Monday statement from the UK Maritime Trade Operations (UKMTO) reported by Reuters.
All crew members were accounted for after the incident, the UKMTO said, adding that the vessel had been hit on its port side.
WTI trades lower
A daily decline of 1.66% leaves West Texas Intermediate (WTI) trading at $100.40 at the time of writing.
WTI Oil Explained
Traded on international markets, WTI is a grade of crude oil whose name stands for West Texas Intermediate. Alongside Brent and Dubai Crude, it is one of three major grades. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. This high-quality oil is regarded as easy to refine. Produced in the United States, it is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited in media coverage.
Supply and demand underpin WTI oil prices, as they do those of all assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. On the supply side, political instability, wars and sanctions can cause disruption and affect prices. Another important influence is the output policy of OPEC, a group of major oil-producing countries. WTI crude oil prices are also sensitive to the value of the US dollar: because oil is traded mainly in US dollars, a weaker dollar can make it more affordable, while a stronger dollar can do the opposite.
Published each week by the American Petroleum Institute (API) and the Energy Information Agency (EIA), oil inventory reports influence WTI prices by showing changes in the balance of supply and demand. Falling stocks can signal stronger demand and push oil prices higher. Conversely, a build-up in inventories can point to greater supply and weigh on prices. The API releases its report every Tuesday, followed by the EIA the next day. The two sets of figures tend to be similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI oil prices. A reduction in quotas can constrain supply and drive prices higher; an increase in OPEC production can have the reverse effect. The broader OPEC+ group includes ten additional countries outside OPEC, with Russia the most notable member.
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