International benchmark Brent crude futures for December fell 1.66% to $104.31 per barrel, and U.S. West Texas Intermediate crude futures for November dropped 1.09% to $94.05 per barrel. This followed the sinking of a Singapore-flagged vessel in the critical Strait of Hormuz, raising concerns about a potential long-term conflict in the Middle East. The Maritime and Port Authority of Singapore stated on Wednesday that such attacks are "unprovoked, unjustified and a breach of international law." Meanwhile, the International Energy Agency (IEA) warned in its October Oil Market Report released on Wednesday that tight diesel market supplies could persist into next year, and new attacks on Saudi Arabia could hinder the recovery of oil supplies. Reuters reported that to ease oil prices, the Donald Trump administration is considering relaxing sanctions on the "shadow fleet" transporting oil from countries like Russia.