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Strait of Hormuz Shipping Risks Push Oil Prices Up From Two-Month Lows
Brent crude climbed 1.1% as traders weighed fading Iran deal hopes against 37 ship attacks in the Strait of Hormuz last month, Reuters reported.
- Brent and WTI crude prices rose from two-month lows on Wednesday, reflecting market volatility between hopes for United States-Iran de-escalation and concerns over Strait of Hormuz shipping attacks.
- The Washington Institute for Near East Policy reports 37 vessels were attacked in the Strait of Hormuz last month, the highest monthly total since the Middle East war began.
- Sparta Commodities analyst June Goh noted "an increase of vessel attacks in the Gulf shipping lanes amidst uncertainty of the diplomacy talks," citing Iran's willingness to meet United States demands as the top oil price driver.
- Even if a deal is struck, increased waterway flows depend on mine clearance, insurance costs, and whether shipowners are willing to take risks, LSEG Oil Research notes.
- American Petroleum Institute data shows crude stocks rose 9 million barrels for the week ending November 6, while OPEC production returned to 90% of pre-war levels as investors price out geopolitical risk premiums.
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Oil prices rebound from two-month lows as Strait of Hormuz attacks cloud peace hopes; Brent tops $92
Brent crude rose to $92.20 a barrel after hitting two-month lows, as fresh tanker attacks in the Strait of Hormuz raised concerns over global oil supplies despite hopes of easing Iran tensions.
·Mumbai, India
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Oil Prices Rise as Iran Peace Optimism Fades
Crude oil prices reversed their fall from earlier this week as traders grew less optimistic about a peace deal between the United States and Iran amid continuing tanker attacks in the Strait of Hormuz, with a record number of such attacks in October. At the time of writing, Brent crude was trading at $92.43 per barrel, with West Texas Intermediate at $86.62 per barrel, both up from the start of the week but still sharply down from the end of Oct…
·New York, United States
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Total News Sources27
Leaning Left1Leaning Right9Center4Last UpdatedBias Distribution64% Right
Bias Distribution
- 64% of the sources lean Right
64% Right
C 29%
R 64%
Factuality
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