Oil rebounds as Hormuz shipping attacks blunt hopes for Iran truce

Oil prices recovered on Wednesday after touching two-month lows in the previous session, as renewed attacks on shipping through the Strait of Hormuz countered hopes of easing tensions between the United States and Iran. Brent gained 1.1% to $92.53 a barrel, while US West Texas Intermediate rose 0.8% to $86.71.

Shipping risks remain a concern: 37 vessels were attacked in October, the highest monthly count since the Middle East war began, and Iran’s Revolutionary Guards Navy said two tankers caught fire after striking naval mines. A tanker was also hit northeast of Lima in Oman, while US crude inventories increased by 9 million barrels in the week ended November 6, according to sources citing American Petroleum Institute data.

Business Recorder also reported that renewed Ukrainian drone attacks have cut Russian refining capacity by about 30% since late October. The oil market remains caught between uncertainty around diplomacy and disruption risks to crude flows and shipping.