Oil rebounds to $92.5 on Hormuz attacks, Iran war uncertainty

Brent crude rose 1.11% to $92.51 a barrel on Wednesday, recovering after reaching a two-month low in the prior session, Mettis Global reported. US benchmark WTI moved in the opposite direction, falling $0.57, or 0.66%, to $86.61 by 11:03 am PST.

Continued threats to shipping through the Strait of Hormuz countered hopes of reduced Iran-war tensions. The Washington Institute for Near East Policy counted 37 vessel attacks in and around the strait in October, with another 10 reported so far in November; recent incidents included tanker attacks near Oman. Separately, US crude stocks grew by 9 million barrels in the week to November 6, while Russian oil-refining capacity was reported down about 30% since late October following Ukrainian drone strikes.