Wednesday evening's digest brings fresh escalation in the Gulf shipping lane, oil holding above $110 ahead of tonight's EIA report, and crypto markets pushing against key resistance levels.
Ship struck by projectile off Oman near Hormuz, crew safe
A tanker was struck by an "unknown projectile" about 11 nautical miles off Bukha, Oman, and caught fire, according to the UKMTO and live updates reported Wednesday afternoon. The vessel is now at anchor and all crew are safe, with no environmental impact reported so far. In a separate incident, a projectile hit a tanker around 30 nautical miles off Al Faw, Iraq — with no casualties or damage reported.
IEA: no credible pathway to normalisation in 2027
IEA chief Fatih Birol told an industry gathering in London there is "no credible pathway that 2027 will be a year of normalisation" for energy markets. He warned that Hormuz "closed once, it can be closed again," and noted diesel prices have doubled from pre-war levels. IEA member countries hold about 1.6 billion barrels of emergency reserves.
China pushes back on clean-tech tariffs ahead of COP31
China's vice minister Li Gao said Beijing wants next month's COP31 climate summit in Turkey to take up "unilateralism and protectionism" against Chinese clean technology. The pushback targets steep US tariffs on Chinese solar and EVs, plus EU measures on Chinese autos and some solar components, along with a wind probe. Beijing warned of a "firm response."
Crypto: Bitcoin presses $83,600 resistance; Mt Gox deadline extended to 2027
Bitcoin traded around $83,580, up about 2.6%, pressing against the $83,600 resistance level, while the Fear & Greed index rose to 63 ("Greed"). Ether gained for a second straight day to around $2,455, and XRP traded near $1.35. Bitcoin ETF flows cooled to a $23 million inflow on Tuesday versus $527 million on Monday, while Ethereum ETFs saw a fifth straight day of outflows at minus $26 million. In a development that cuts near-term supply-overhang risk, the Mt Gox trustee extended the repayment deadline to October 31, 2027 — covering about 34,400 BTC.
Oil holds above $110 ahead of tonight's EIA report
Brent crude traded near $110.40, up about 1.5%, with WTI near $99.27, also up 1.5%. A coalition intercept of drones over Saudi Arabia's Eastern region on October 21 and a missile intercept over Riyadh on October 20 caused no damage to oil facilities. The US EIA's official weekly report is due at 19:30 PKT tonight; the market expects a 1.2-million-barrel crude draw versus a 4.9-million-barrel draw in the API data. The EIA's October outlook, finalized October 1, forecasts Brent averaging $105 in the fourth quarter.
Market snapshot
Bitcoin ~$83,580 (+2.6%, at $83,600 resistance); Ether ~$2,455 (second day up); Fear & Greed 63. Oil: Brent ~$110.40 / WTI ~$99.27 (+1.5%); EIA official report at 19:30 PKT tonight; IEA sees no normalisation path in 2027, diesel doubled from pre-war levels. UK inflation 3.5% — highest this year. No new China–US/UK tariff moves; no new exchange delisting announcements.
Watch: today's video briefings
Al Jazeera English — Israel faces legal reckoning at the ICC and ICJ
