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Strait of Hormuz Shipping Risks Push Oil Prices Up From Two-Month Lows
Brent and U.S. crude rose as traders weighed de-escalation hopes against 37 October attacks on ships in the waterway, analysts said.
- 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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Brent and WTI oil prices rise after diplomatic stalemate between Washington and Tehran and threats from Iran to U.S. bases in Europe
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices, which had been continuing their downward trend, rose on the 11th (local time) for the first time in three days.
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Coverage Details
Total News Sources98
Leaning Left5Leaning Right20Center14Last UpdatedBias Distribution51% Right
Bias Distribution
- 51% of the sources lean Right
51% Right
13%
C 36%
R 51%
Factuality
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