Oil prices increased on Wednesday, bouncing back from two-month lows in the previous session as the market wavered between hopes of de-escalation in the Iran war and fears of assaults on ships in the Strait of Hormuz, Reuters said. Brent futures rose 71 cents, or 0.78%, to $92.20 a barrel by 0119 GMT. U.S. West Texas Intermediate crude, the WTI benchmark, climbed 49 cents to $86.53, or 0.57%.
New data showed that 37 ships were assaulted in the Strait of Hormuz and surrounding waters in October, the highest monthly number since the start of the war, the Washington Institute for Near East Policy said. And there have been 10 attacks so far in November.
Social media videos authenticated by Reuters on Sunday showed a Navig8 tanker ablaze near the coast of Oman, one of three tankers struck on Sunday for taking “unauthorised routes” through the strait, the Iranian official radio said.
Another tanker was attacked northeast of Oman’s Lima, the United Kingdom Maritime Trade Operations (UKMTO) agency stated Tuesday. In a separate statement on Tuesday, Iran’s Revolutionary Guards Navy stated two tankers encountered naval explosives on the “unauthorised path” in the strait, and caught fire. “Even if an agreement is made, any uptick in flows through the channel will remain dependent on mine clearing, insurance costs and if ship owners would even be prepared to incur the risk,” LSEG analysts said in a Nov. 10 report .
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