Middle East Tensions Keep Oil Prices Elevated Despite Weekly Dip

Oil prices fell on Friday, September 11, but remained on course for an eight percent weekly gain. US diesel prices hit a record high due to attacks along Middle East shipping routes and supply disruptions.

According to preliminary ship-tracking data, vessel transits at the Strait of Hormuz fell to seven on Thursday from 11 the previous day. This strait handles about 125 commodity vessels and one-fifth of global daily oil and liquefied natural gas supplies.

Saudi Arabia's crude supply fell by 2.3 million barrels per day in August, the lowest level in more than three decades, due to attacks on Saudi energy facilities. The International Energy Agency reported this on Friday.