[Oil Prices] Oil ends higher after reversing early plunge; Brent at $100.58

[Financial News]  

International oil prices ended higher on the 6th (local time).
Brent crude for December delivery, which had fallen below $100 a barrel in an early plunge, turned higher and returned to the $100 range.
Tensions in the Middle East mounted as the Iranian-backed Houthi rebels in Yemen counterattacked in response to Saudi Arabia’s offensive.
Brent crude for December delivery, the international oil benchmark, rose 0.23% from the previous session to settle at $100.58 a barrel.
West Texas Intermediate (WTI), the U.S. oil benchmark, for November delivery edged up 0.01% to settle at $89.44 a barrel.
Brent and WTI fell sharply in morning trading. Brent for December delivery plunged 3.50% to as low as $97.06 a barrel, while WTI for November delivery slid 2.88% to as low as $86.86 a barrel.
Vitol, the world’s largest independent oil trader, warned that although oil supplies through the Strait of Hormuz had nearly returned to normal, bottlenecks were increasingly emerging and tanker shortages were becoming a pressing issue.
Vitol CEO Russell Hardy said at an energy forum in London, UK, that cases of tankers being unavailable were increasing and charter rates were soaring. He voiced concern that Brent could surge to $200 a barrel if tanker shortages began to constrain supply.

[email protected] Song Gyeong-jae Reporter