International oil prices end in a flat range while keeping an eye on the situation in the Middle East... WTI 0.34%↑

International oil prices closed in a flat range on the 6th (local time) due to mixed expectations of easing tensions in the war between the United States and Iran and concerns about disruption of crude oil supply in the Middle East.

On this day, the closing price of West Texas Intermediate (WTI) crude oil (WTI) futures for December delivery on the New York Mercantile Exchange recorded $90.83 per barrel, up 0.34% from the previous day.

The January contract for Brent crude oil, a global benchmark, closed at $98.32 per barrel, up $0.03 (0.03%) from the previous session.

International oil prices, which rose early in the day, continued to fluctuate, sometimes turning downward, and ended trading in a flat range.

After the Democratic Party took control of both the House and Senate in the U.S. midterm elections, expectations continued that the Donald Trump administration would ease tensions in the war with Iran, putting downward pressure on oil prices.

The expectation is that if the war calms down, crude oil transportation through the Strait of Hormuz will become smoother and the supply of Middle Eastern crude oil may expand.

“It appears that some of the war risk premium is dissipating,” said Phil Flynn, senior analyst at Price Futures Group.

On the other hand, concerns about disruption in crude oil supply supported oil prices due to a series of attacks on oil tankers in the Persian Gulf and Strait of Hormuz.

According to Reuters, an explosion presumed to have been a missile attack occurred on an oil product carrier in the Persian Gulf on the 5th, killing one sailor, a Greek ship management company said.

“The market is still waiting for evidence that a clear agreement has been reached with Iran,” said Yaniv Shah, an analyst at Rystad Energy. “If there is opposition from either side, crude oil supply and demand could become tight again.”