Commercial tankers in and around the Strait of Hormuz face severe operational hazards, with dozens targeted by naval mines and direct strikes over recent weeks. Even if formal peace agreements are secured, analysts caution that physical mine clearance and insurer approval remain mandatory before standard transit can resume. In the meantime, significant domestic crude accumulation in the United States is contending with overseas refinery outages caused by ongoing conflict in Eastern Europe.
Key points
Maritime supply disruptions through Hormuz are likely to persist until comprehensive mine…: Maritime supply disruptions through Hormuz are likely to persist until comprehensive mine-clearing operations occur and cargo insurers restore coverage.
Conflicting official signals surrounding prospective negotiations with Iran have generate…: Conflicting official signals surrounding prospective negotiations with Iran have generated sharp, erratic price swings across major crude benchmarks.
Global product balances remain fragile as Ukrainian drone operations have taken out rough…: Global product balances remain fragile as Ukrainian drone operations have taken out roughly 30 percent of Russian crude refining capacity since late October.
Sources checked by our analysis pipeline: 1
BEIJING, Nov 11 : 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.
Another tanker was struck northeast of Oman's Lima, the United Kingdom Maritime Trade Operations (UKMTO) agency said…
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