Oil prices rose on the morning of Wednesday, November 11, after dropping to two-month lows in the previous session, as the energy weighed potential de-escalation in the US-Iran war and concerns about ongoing attacks on shipping in the Strait of Hormuz.
At around 9.45 am today, Brent crude futures rose 1.17% to $92.56 per barrel, while US West Texas Intermediate (WTI) crude surged 0.79% above $ 86.72 per barrel.
On Tuesday, Brent crude futures slid to a two-month low of $89.16 per barrel after US President Donald Trump signalled that the West Asia war may be ending.
Data compiled by the Washington Institute for Near East Policy showed that 37 ships were targeted in the Strait of Hormuz and neighboring waterways in October, marking the highest monthly attack volume since the conflict began. An additional 10 maritime attacks have already been recorded so far in November.
Videos posted on several social media platforms on Sunday and verified by Reuters showed a Navig8 tanker engulfed in flames off the coast of Oman. Iranian state media confirmed it was one of three tankers hit that day for using "unauthorized routes" through the strait.