[Oil prices] Close lower after intraday surge

[Financial News]  

International oil prices closed lower on the 20th (local time).
Oil prices fell on expectations that the United States and Iran would enter negotiations, even as Iran’s attacks on tankers in the Strait of Hormuz continued and the pro-Iran Houthi rebels in Yemen continued attacks on Saudi Arabia, including its oil facilities.
Brent crude, the global benchmark, for December delivery settled down 0.7% from the previous session at $108.79 a barrel. It surged as high as $111.99 during the session but ended lower.
West Texas Intermediate (WTI), the U.S. benchmark, for November delivery fell 1.8% to settle at $101.79 a barrel. The November WTI contract also climbed as high as $110.48 during the session before turning sharply lower late in the day.
The WTI December contract, which becomes the front-month benchmark on the 21st, settled 26 cents lower at $98.28 a barrel.
Meanwhile, Iran’s attacks on tankers continue.
At least 18 commercial vessels have been attacked over the past two weeks, according to maritime intelligence firm Kpler.
Iran’s state-run Tasnim news agency reported that the Islamic Revolutionary Guard Corps (IRGC) said in a statement on the 20th that it had attacked two tankers that were “not following instructions.”

[email protected] Song Gyeong-jae Reporter