November Brent crude prices were at $102 per barrel this morning, while West Texas Intermediate crude was at $90 per barrel. Traders are offsetting additional attacks in the Strait of Hormuz with a decision by the G7 countries to release emergency oil and diesel stocks. President Trump made that announcement Friday night at a political rally in Alabama. “I’m pleased to report that we have reached an agreement for Europe to release massive amounts of diesel fuel from the heavily stocked reserves, and that’s starting immediately. The price of diesel is already coming down.” Meanwhile, Saudi Arabia unexpectedly discounted its oil prices for sale to Asia while raising them for European customers.
