Oil prices rose on Wednesday, clawing back part of the previous session’s steep losses, as traders weighed hopes of a de-escalation in the war between the United States and Iran against a relentless campaign of attacks on shipping in the Strait of Hormuz.
Brent crude futures climbed 71 cents, or 0.78%, to $92.20 a barrel by 0119 GMT. US West Texas Intermediate crude rose 49 cents, or 0.57%, to $86.53.
The rebound followed a fall of more than $3 a barrel in the previous session, when prices dropped after US officials played down the need for further military strikes against Iran, before recovering some ground after an Iranian security official said no talks were taking place between the two sides.
New data underlined why traders remain nervous about the waterway, through which around a fifth of the world’s oil passes. Thirty-seven ships were attacked in the Strait of Hormuz and surrounding waters in October, the highest monthly total since the start of the war, according to the Washington Institute for Near East Policy. Ten more attacks have been recorded so far in November.
Videos posted on social media on Sunday and verified by Reuters showed a Navig8 tanker on fire near the coast of Oman, one of three tankers hit that day for using what Iranian state media called “unauthorised routes” through the strait. On Tuesday, another tanker was struck north-east of Oman’s Lima, according to the United Kingdom Maritime Trade Operations agency, while Iran’s Revolutionary Guards Navy said two tankers caught fire after hitting naval mines on the same route.
Analysts at LSEG warned in a note on 10 November that even a deal would not quickly restore normal flows. “Even in the event a deal is struck, an increase in flows through the waterway would still depend on mine clearance, insurance costs and whether or not shipowners would even be willing to take the risk,” they wrote. “Meanwhile, attacks have not slowed.”
There was also a bearish counterweight in the market: US crude stocks rose by 9 million barrels in the week to 6 November, according to market sources citing American Petroleum Institute data.
In Russia, oil refining capacity has been cut by about 30% since late October after 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 envoys for US President Donald Trump launched a fresh push to end that war.
Sources: Reuters — “Oil rises from two-month low as Hormuz shipping attacks offset Iran truce hopes” (https://www.reuters.com/business/energy/oil-rises-two-month-low-hormuz-shipping-attacks-offset-iran-truce-hopes-2026-11-11/)
