Strait of Hormuz Shipping Risks Push Oil Prices Up From Two-Month Lows
Attacks on tankers and energy sites have kept the Strait of Hormuz supply risk elevated as Brent crude rose 1.1% to $92.53 a barrel, Reuters said.
- Meeting in London from November 2–6, 2026, the International Maritime Organization Council strongly condemned attacks on merchant vessels, reiterating that vital shipping lanes must remain open, safe, and secure.
- Secretary-General Arsenio Dominguez emphasized the human cost of ongoing geopolitical conflicts, noting that at least 25 seafarers have been killed since the crisis began and stressing their right to protection.
- According to the Washington Institute for Near East Policy, 37 ships were struck in October alone—the highest monthly total since the war began—while verified IMO data confirms at least 130 total attacks on commercial vessels.
- Attacks continue in the Strait of Hormuz, where an assault on the VELOS SAPPHIRE on November 5 resulted in a death, with another vessel struck northeast of Oman's Lima this week.
- The Council extended Secretary-General Dominguez's mandate through 2031 and approved GBP 2 million for digital platform upgrades, while scheduling its 139th session for July 2027 at IMO Headquarters.
153 Articles
153 Articles
'Civilian vessels and commercial shipping must not become targets,' says assistant secretary-general for Middle East, Asia, Pacific
Oil prices head for second weekly drop as US-Iran tensions ease, shipping risks persist
Brent and WTI fall nearly three percent this week amid expectations of reduced military escalation and signs of weaker US demand, while attacks on Gulf shipping keep supply concerns alive.
Shafaq News - Follow-up: Global oil prices rose on Thursday evening, erasing earlier losses, after US President Donald Trump stated that the United States does not need to reach an agreement with Iran. Brent crude futures climbed by as much as 1.8% to surpass $94 a barrel in London, after having fallen earlier amid signs of a recovery in oil supplies. Oil prices had fallen by more than a dollar a barrel on Thursday morning, with Brent crude futu…
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