Strait of Hormuz Shipping Risks Push Oil Prices Up From Two-Month Lows
Brent crude rose 1.1% as 37 vessel attacks in October and another tanker strike this week kept supply and insurance risks elevated, 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 rose about 1% after falling to a two-month low in the previous session. The market reacted to the ongoing attacks on ships in the Strait of Hormuz and to new signals that a diplomatic agreement between Iran and the United States is not close. Brent crude futures rose by $1.28, or 1.4%, to $92.77 a barrel. U.S. light crude WTI added 76 cents, or 0.9%, to $86.80 a barrel. The new tensions were triggered by a statement by Iran’s security…
Oil rises after Iran's new statementOil rose about 1% following Iran's claims of nuclear materials and attacks on ships in the Strait of Hormuz. Brent reached $92.77.
World oil reference marks went up against the backdrop of renewed fighting, which reduced the likelihood of a diplomatic solution to the conflict between the United States and Iran. The cost of the Brent reference stamp oil futures with delivery increased by 1.2 per cent in the coming month to $92.55 per barrel, written The Wall Street Journal. Futures on the US West Texas Intermedia (WTI) brand showed growth, rising by 0.7 per cent to $86.67 pe…
Oil prices returned to modest gains after sharp declines, but investors remain wavering between optimism about a possible calm in the Middle East conflict and fears of continued attacks on tankers in the Strait of Hormuz. North Sea Brent crude traded at around $92 (1996 crowns) per barrel on Wednesday morning, while U.S. WTI crude crossed $86 (1866 crowns).
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