Oil rebounds as Hormuz shipping attacks blunt hopes for Iran truce

Oil benchmarks recovered on Wednesday after reaching two-month lows in the prior session, with Brent up 1.1% to $92.53 a barrel and US crude gaining 0.8% to $86.71 by 0420 GMT. The Express Tribune reported that traders were weighing possible progress towards an Iran truce against continued risks to shipping through the Strait of Hormuz.

Attacks on vessels remained a concern: 37 ships were targeted in October, the highest monthly count since the Middle East war began, according to data cited in the report. A tanker was hit off Oman, while Iran's Revolutionary Guards Navy said two tankers caught fire after striking mines; analysts also said any increase in shipping would depend on mine clearance, insurance and owners' willingness to sail. Separately, US crude inventories rose by 9 million barrels in the week ended November 6, and Russian refining capacity was reported down about 30% since late October.