Oil prices rose on Wednesday after falling to their lowest levels in two months during the previous session, as markets weighed hopes of easing tensions between the United States and Iran against concerns over continued attacks on ships in the Strait of Hormuz.
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Brent crude futures climbed 71 cents, or 0.78%, to $92.20 a barrel by 01:19 GMT. US West Texas Intermediate (WTI) crude rose 49 cents, or 0.57%, to $86.53 a barrel.
The Washington Institute for Near East Policy reported that new data showed 37 vessels came under attack in the Strait of Hormuz and surrounding waterways in October, the highest monthly total since the war began. Ten attacks have been recorded since the start of November.
Videos posted on social media on Sunday and verified by Reuters showed a tanker operated by NAVIG8 engulfed in flames off the coast of Oman. Iran's state broadcaster reported that it was one of three tankers targeted on Sunday for using "unauthorized routes" through the strait.
The United Kingdom Maritime Trade Operations (UKMTO) agency said on Tuesday that another tanker had been attacked northeast of Lima, Oman.
In a separate statement, Iran's Islamic Revolutionary Guard Corps Navy said two tankers caught fire after striking naval mines while travelling along an "unauthorized route" through the Strait of Hormuz.
Analysts at the London Stock Exchange Group said in a note dated November 10: "Even if an agreement is reached, increased flows through the waterway will still depend on mine clearance, insurance costs and whether shipowners are willing to accept the risks."
They added: "Meanwhile, the attacks have not slowed down."
In the previous session, oil prices initially fell by more than $3 a barrel after US officials played down the need for further military strikes against Iran. Prices later recovered some of their losses after an Iranian security official denied that any talks were taking place between the two sides.
Market sources, citing data from the American Petroleum Institute (API), said US crude oil inventories increased last week.
The sources, who requested anonymity, said crude inventories rose by 9 million barrels in the week ending November 6.
Sources also reported that Russia's oil refining capacity has fallen by around 30% since late October following renewed Ukrainian drone attacks.
Russian and Ukrainian officials met in Abu Dhabi on Tuesday for the first peace talks between the two countries since February, as envoys of US President Donald Trump launched a renewed effort to end the war.
Source: Reuters
