Key facts
- The Washington Institute for Near East Policy counted 37 ships attacked in the Strait of Hormuz and surrounding waterways in October, the highest monthly total since the war began.
- Ten attacks have been recorded in November, the Washington Institute for Near East Policy data showed.
- Iran's Revolutionary Guards Navy said two tankers caught fire after hitting naval mines on the unauthorized route in the strait.
- LSEG analysts said in a November 10 note that even if a deal is struck, higher flows would depend on mine clearance, insurance costs and shipowners' willingness to take risk.
- US crude stocks rose by 9 million barrels in the week ended November 6, market sources said, citing American Petroleum Institute data.
- Russian oil refining capacity has been reduced by about 30% since late October following renewed Ukrainian drone attacks, industry sources said.
Brent crude futures rose 71 cents, or 0.78%, to $92.20 a barrel by 0119 GMT on November 11, and US West Texas Intermediate rose 49 cents, or 0.57%, to $86.53, after both benchmarks fell to two-month lows in the previous session. Trading swung between hopes for a de-escalation in the Iran war and concern about attacks on shipping in the Strait of Hormuz.
The Washington Institute for Near East Policy counted 37 ships attacked in the Strait of Hormuz and surrounding waterways in October, the highest monthly total since the war began, and 10 attacks so far in November. Videos posted on social media on November 8 and verified by Reuters showed a Navig8 tanker on fire near the coast of Oman, one of three tankers hit that day for using unauthorized routes through the strait, according to Iranian state broadcaster. The United Kingdom Maritime Trade Operations agency said on November 10 that another tanker was struck northeast of Oman's Lima, and Iran's Revolutionary Guards Navy said in a separate statement that two tankers caught fire after hitting naval mines on the unauthorized route.
LSEG analysts said in a November 10 note that even if a deal is struck, an increase in flows through the waterway would depend on mine clearance, insurance costs and whether shipowners would be willing to take the risk, adding that attacks have not slowed.
In the November 10 session, oil prices initially fell by more than $3 a barrel after US officials downplayed the need for further military strikes against Iran, then regained some of those losses after an Iranian security official said no talks were taking place between the two sides.
US crude stocks rose by 9 million barrels in the week ended November 6, market sources said, citing American Petroleum Institute data. In Russia, oil refining capacity has been reduced by about 30% since late October following renewed Ukrainian drone attacks, industry sources said. Russian and Ukrainian officials met in Abu Dhabi on November 10 for their first peace talks since February, as US President Donald Trump's envoys launched a fresh push to end the war.