Global oil prices rose on Wednesday after falling to two-month lows in the previous session, as fresh attacks on tankers in the Strait of Hormuz renewed concerns about crude oil supplies.
The rebound came amid uncertainty over the Iran war, with traders weighing hopes of easing tensions against continued threats to commercial shipping through the strategic waterway.
Brent crude futures gained 71 cents, representing 0.78 per cent, to trade at $92.20 per barrel by 0119 GMT.
US West Texas Intermediate (WTI) crude also rose by 49 cents, or 0.57 per cent, to $86.53 per barrel.
Tanker Attacks Heighten Supply Concerns
Fresh data indicated that 37 ships were attacked in the Strait of Hormuz and surrounding waterways in October, the highest monthly total since the beginning of the war, according to the Washington Institute for Near East Policy.
A further 10 attacks have been recorded so far in November, adding to concerns over the safety of vessels transporting oil through the region.
Videos posted on social media on Sunday and verified by Reuters showed a Navig8 tanker on fire near the coast of Oman.
The vessel was among three tankers reportedly hit on Sunday for using what Iranian state broadcaster described as “unauthorised routes” through the strait.
Iran Tensions Keep Oil Markets Uncertain
The latest developments have left oil markets caught between expectations of a possible de-escalation in the Iran conflict and fears that further attacks could disrupt global energy supplies.
The Strait of Hormuz is a critical route for international oil shipments, making security incidents in the area a major concern for crude producers, traders and importing countries.
With attacks on shipping continuing, market participants remain focused on developments in the region and their potential impact on oil supply and prices.
