Oil prices rose on Wednesday, November 11, as continued attacks on shipping in the Strait of Hormuz raised concerns about oil supplies despite hopes for easing tensions between the United States and Iran.
According to Reuters, Brent crude climbed 1.1% to $92.53 per barrel, while U.S. West Texas Intermediate gained 0.8% to $86.71, recovering from two-month lows.
Data from the Washington Institute for Near East Policy showed that 37 vessels were attacked in the Strait of Hormuz and surrounding waters during October, the highest monthly total since the Middle East war began. Attacks have shown little sign of slowing in November.
On Tuesday, the United Kingdom Maritime Trade Operations agency reported another tanker attack northeast of Lima, Oman. Iran’s Revolutionary Guards Navy separately claimed that two tankers caught fire after striking naval mines along an unauthorized shipping route.
Analysts at LSEG warned that even a diplomatic agreement would not immediately restore normal oil shipments. Mine clearance, insurance costs, and shipowners’ safety concerns remain major obstacles.
Meanwhile, U.S. crude inventories increased by 9 million barrels during the week ending November 6, according to market sources citing American Petroleum Institute data.
