WS #11845
US and Iran continue military strikes (US hit coastal Iran, Iran reports $300M damage) while diplomatic channels remain open (Qatari negotiators in Iran, China urges ceasefire), with Hormuz traffic halved and oil consolidating near $72. WTI holds near $72 as IEA forecasts 1.2M bpd demand growth in Q4, but Hormuz traffic remains halved and war risk insurance costs rise, balancing diplomatic hopes against supply disruption risks.
US-Iran military escalation and diplomatic efforts
US and Iran continue military strikes (US hit coastal Iran, Iran reports $300M damage) while diplomatic channels remain open (Qatari negotiators in Iran, China urges ceasefire), with Hormuz traffic halved and oil consolidating near $72.
WTI holds near $72 as IEA forecasts 1.2M bpd demand growth in Q4, but Hormuz traffic remains halved and war risk insurance costs rise, balancing diplomatic hopes against supply disruption risks.