Oil rises from two-month low as Hormuz shipping attacks offset Iran truce hopes

Brent crude advanced 71 cents, or 0.78%, to $92.20 a barrel on Wednesday, while US WTI gained 49 cents, or 0.57%, to $86.53. The rebound followed the previous session’s fall to the lowest levels in two months, as hopes of reduced Iran-related tensions competed with concerns over shipping security around the Strait of Hormuz.

The Washington Institute for Near East Policy counted 37 ship attacks in the strait and nearby waters during October, the highest monthly figure since the war began, with 10 more reported so far in November. Separately, sources cited by Reuters said US crude inventories increased by 9 million barrels in the week to November 6. LSEG analysts said any recovery in waterway traffic would also hinge on clearing mines, insurance expenses and shipowners’ willingness to resume voyages.