● HORMUZ OIL FLOWS SINK A THIRD IN A WEEK

Oil flows through the Strait of Hormuz fell to 11.62 million barrels a day in the week through October 13, down from a baseline of 17.15 million barrels a day, according to shipping tracker Kpler. The chokepoint carries close to a fifth of global oil supply, and the drop follows a string of tanker attacks tied to escalating US-Iran tensions. Brent crude held near $105.48 a barrel on October 16, with $USO tracking the risk premium the market keeps building into Middle East oil.