Oil prices turned higher after falling to two-month lows as new attacks on ships around the Strait of Hormuz renewed concerns about energy supplies.
Brent crude futures rose 0.78% to $92.20 a barrel by 1:19 a.m. GMT, while U.S. West Texas Intermediate gained 0.57% to $86.53, according to Vesti Baku, citing Reuters. Traders were weighing the possibility of de-escalation involving Iran against continuing threats to commercial shipping.
Attack Numbers Remain High
Thirty-seven vessels were attacked in the Strait of Hormuz and nearby waters in October, the highest monthly total since the current conflict began, Reuters reported, citing data from the Washington Institute for Near East Policy. Ten more attacks were recorded during the first 10 days of November.
The United Kingdom Maritime Trade Operations, or UKMTO, reported an incident on Nov. 10 about 19 nautical miles northeast of Lima, Oman. The master of a tanker said the vessel had been struck by an unidentified projectile. The crew was unharmed, no marine pollution was reported and authorities were investigating.
UKMTO had earlier received a report that another tanker was hit by an unknown projectile while leaving the Strait of Hormuz. All crew members were safe.
Iran’s military, meanwhile, said two other tankers caught fire after striking sea mines while traveling along what it described as an “uncoordinated route.” That account has not been independently confirmed.
Shipping Recovery Could Take Time
Even a possible de-escalation agreement would not guarantee an immediate return to previous shipping levels. LSEG analysts said traffic would depend on routes being cleared of mines, insurance prices becoming acceptable and shipowners being willing to resume passages through the strait.
The Strait of Hormuz remains one of the world’s most important energy chokepoints. Before the war, about one-fifth of global seaborne oil and liquefied natural gas supplies passed through it. New incidents can therefore affect prices quickly, even when diplomatic signals temporarily reduce the market’s geopolitical risk premium.