Oil markets rebounded on Wednesday, with Brent futures up 71 cents to $92.20 a barrel and West Texas Intermediate rising 49 cents to $86.53, after a fall to two‑month lows in the previous session.
Data from the Washington Institute for Near East Policy showed 37 vessels were attacked in the Strait of Hormuz and surrounding waters in October, the highest monthly total since the conflict began, and 10 attacks have been recorded so far in November.
Videos verified by Reuters on Sunday showed a Navig8 tanker ablaze near Oman’s coast, one of three tankers hit that day for using “unauthorised routes” through the strait, according to the Iranian state broadcaster. Another tanker was struck northeast of Oman's Lima, the United Kingdom Maritime Trade Operations agency said on Tuesday. Iran’s Revolutionary Guards Navy reported that two tankers caught fire after hitting naval mines on the “unauthorised route.”
LSEG analysts noted that even if a deal were reached, increased flow through the waterway would still hinge on mine clearance, insurance costs and shipowners’ willingness to risk the route, while attacks have not slowed.
In the earlier session, oil prices fell over $3 a barrel after U.S. officials downplayed the need for further military strikes against Iran, but regained losses after an Iranian security official denied talks between the two sides.
U.S. crude oil stocks rose by 9 million barrels in the week ended November 6, according to sources citing the American Petroleum Institute. In Russia, oil refining capacity has fallen about 30% since late October amid renewed Ukrainian drone attacks, industry sources said.
Russian and Ukrainian officials met in Abu Dhabi on Tuesday for their first peace talks since February, as U.S. President Donald Trump’s envoys pushed for a fresh end to the war.
