StanChart Sees Higher Oil Floor as Hormuz Crisis Spreads to Saudi Export Routes

Oil prices pulled back but remained elevated ahead of a critical Fed decision on Wednesday, with market expectations shifting towards a prolonged US-Iran conflict. Brent crude for November delivery fell 2. 88% at 2:18 p. m. ET, to trade at $105.

6 per barrel, while WTI crude for October delivery declined 3. 33% to change hands at $102. 3/bbl. The Federal Reserve raised interest rates by 25 basis points on Wednesday to a range of 3. 75% to 4. 00%, its first rate hike since 2023, as policymakers responded to renewed inflationary pressure.