Summary Brent crude futures (LCOc1) fell 76 cents, or 0.69%, to settle at $108.79 per barrel.
(Web Desk) - Oil prices dipped on Tuesday after touching a five-month high, Reuters reported.
Brent crude futures (LCOc1) fell 76 cents, or 0.69%, to settle at $108.79 per barrel.
Earlier in the session, the front-month contract reached $111.99, marking its highest point in five months.
The November contract for U.S. West Texas Intermediate (WTI) crude (CLc1), expired on Tuesday and settled $1.87 lower, or 1.8%, at $101.79 per barrel.
Investors were assessing a meeting between the Iranian president and Pakistan’s army chief, as well as continued Houthi attacks on Saudi infrastructure that could disrupt supply, the outlet said.
Iran shifts attacks to ships' engine rooms
Iran's IRGC is increasingly targeting ships' engine rooms in the Persian Gulf, inflicting damage that can cripple vessels for months and trigger expensive repairs, Bloomberg reported Tuesday.
Shipping and maritime security officials reported a rise in engine-room damage, with strikes sparking fires, disabling power and propulsion systems, and leaving vessels out of service amid costly repairs.
“What we’re seeing is an increase in the frequency of attacks, and therefore, more damage in engine rooms and disabling fire,” Phillip Belcher, marine director at Intertanko, told the outlet.
“Attacks often focus on the engine room or the bridge of the ships as it maximizes damage while keeping the risk of an oil spill relatively low,” Jakob Larsen, chief safety and security officer at BIMCO, said.
He also warned that “there are significant risks of crew injuries when these areas of the ship are hit.”
