Brent reached its highest settlement since May 19 as Kpler data put crude exports through the Strait of Hormuz at 9.4 million barrels per day in the week to October 14, about 70% of the prewar average. At least nine ships have been attacked since October 11. A Russian sanctions waiver, signed after Friday's close, cut the price about 2% in early Monday trading. Persistent oil reaches the Bank of Canada through gasoline, which is 27.8% above last year.
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Oil carries a risk premium tied to the near-closure of the Strait of Hormuz, where IMF PortWatch recorded 2 transits on October 11 against a baseline of 85 a day.
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