Oil rises from 2-month low as Hormuz shipping attacks offset truce hopes
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Oil prices rose on Wednesday after falling to two-month lows.
- ✓Brent futures climbed to $92.20 a barrel as attacks on shipping in the Strait of Hormuz offset hopes for a truce.
- ✓LSEG analysts said, "Even in the event a deal is struck, an increase in flows would still depend."
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Standard
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Oil prices rose on Wednesday after falling to two-month lows in the previous session, as the market swung between hopes for a de-escalation in the Iran war and concerns about ongoing attacks on shipping in the Strait of Hormuz.
Brent futures climbed 71 cents, or 0.78%, to $92.20 a barrel by 0119 GMT. US West Texas Intermediate (WTI) crude rose 49 cents, or 0.57%, to $86.53.
New data showed that 37 ships were attacked in the Strait of Hormuz and surrounding waterways in October, the highest monthly total since the start of the war, according to the Washington Institute for Near East Policy. And 10 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 on Sunday for using "unauthorised routes" through the strait, according to the Iranian state broadcaster.
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