Oil Rises From Two-Month Low as Hormuz Attacks Hit a Wartime Record

Brent crude futures were up 71 cents, or 0.78%, at $92.20 a barrel by 0119 GMT, and US West Texas Intermediate gained 49 cents, or 0.57%, to $86.53, according to the Emirates News Agency.

The rebound reflects how little the physical risk in the Gulf has eased even as traders price in a possible truce. New data from the Washington Institute for Near East Policy showed 37 vessels were attacked in the Strait of Hormuz and surrounding waters in October, the highest monthly total since the war began, with another 10 attacks recorded so far in November, according to Argaam.

Video posted on social media on Sunday and verified by Reuters showed a tanker belonging to Navig8 on fire off the coast of Oman. Iranian state broadcaster IRIB said it was one of three tankers targeted that day for using "unauthorised routes" through the strait. The UK Maritime Trade Operations agency said on Tuesday that another tanker had been attacked north-east of Lima in Oman, and the Revolutionary Guard navy said separately that two tankers had caught fire after hitting sea mines on an unauthorised route.

Analysts at LSEG wrote in a November 10 note that even if a deal is reached, higher flows through the waterway would still depend on mine clearance, insurance costs and whether shipowners are willing to take the risk. "At the same time, attacks have not slowed," they added.

Prices had fallen in the previous session after US President Donald Trump signalled an end to the Iran war, which pushed Brent below $90 a barrel during trading for the first time since August. On Tuesday an Emirati vessel operated by ADNOC Logistics and Services was also damaged in an attack in UAE waters, adding to the list of incidents affecting Gulf exporters.