Oil Prices Rebound Amid Ongoing Tensions in the Strait of Hormuz

Oil prices rose on Wednesday, recovering after falling to their lowest levels in two months during the previous session, as markets weighed hopes for easing tensions between the United States and Iran against concerns over continued attacks on vessels in the Strait of Hormuz.

Brent crude futures gained 71 cents, or 0.78%, to reach $92.20 per barrel by 01:19 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose 49 cents, or 0.57%, to trade at $86.53 per barrel.

Separately, the Washington Institute for Near East Policy reported, citing newly released data, that 37 vessels were targeted in attacks in the Strait of Hormuz and surrounding waterways during October, marking the highest monthly total since the outbreak of the war. A further 10 attacks have been recorded since the beginning of November.