Oil Prices Plunge Over 3% on Reports of Potential Diesel & Crude Stock Release

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Oil prices were sharply lower on Friday morning, extending losses from earlier in the session, following reports of a potential move to release diesel and crude stocks to ease a global supply shortage.

International benchmark Brent crude futures with December expiry traded 3.1% lower at $99.13 per barrel, while U.S. West Texas Intermediate futures with November expiry fell 4% to $89.18.

It comes shortly after Reuters reported that European Union member states were discussing a

Investing.com -- A tanker was hit by an unknown projectile while passing through the Strait of Hormuz on Thursday, according to UK Maritime Trade Operations.

UKMTO issued Warning 147-26 after receiving a third-party report that the vessel was struck at approximately 1750 UTC on Oct. 1. The impact caused a fire onboard. The crew was reported safe, while the extent of damage and any environmental impact remained unknown.

The incident marks the latest in a series of attacks in the strategic water