Oil prices rebound as Strait of Hormuz attacks cloud peace hopes

FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS/Brendan McDermid Spread the word Brent crude rose to $92.20 a barrel after hitting two-month lows, as fresh tanker attacks in the Strait of Hormuz raised concerns over global oil supplies despite hopes of easing Iran tensions.

Oil prices rise as Brent tops $92 after two-month lows. Strait of Hormuz tanker attacks and Iran war uncertainty keep global crude markets on edge.

Oil prices rise as Brent tops $92 after two-month lows. Strait of Hormuz tanker attacks and Iran war uncertainty keep global crude markets on edge.

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 per cent, to $92.20 a barrel by 0119 GMT. US West Texas Intermediate (WTI) crude rose 49 cents, or 0.57 per cent, 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.