Oil rebounds to $92.5 on Hormuz attacks, Iran war uncertainty

November 11, 2026 (MLN): Oil prices rebounded on Wednesday after touching two-month lows in the previous session, as persistent shipping disruptions in the Strait of Hormuz offset optimism over a possible de-escalation of the Iran war.

Currently, Brent crude futures is up, 1.11%, at $92.51 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.57, or 0.66%, to $86.61 per barrel by [11:03 am] PST.

According to the Washington Institute for Near East Policy, 37 vessels were attacked in the Strait of Hormuz and surrounding waterways during October, marking the highest monthly tally since the conflict began. A further 10 attacks have been reported so far in November.

Shipping security concerns remained elevated following attacks on multiple tankers near Oman. Videos verified by Reuters showed a Navig8 tanker engulfed in flames near Oman's coast on Sunday, while another vessel was struck northeast of Oman's Lima on Tuesday, according to the United Kingdom Maritime Trade Operations (UKMTO), as reported by CNBC.

Iran's state broadcaster reported that three tankers were targeted on Sunday for using routes deemed unauthorized by Tehran.

Separately, Iran's Revolutionary Guards Navy said two tankers caught fire after striking naval mines while navigating an unauthorized route through the strait.

Oil prices had declined by more than $3 per barrel earlier on Tuesday after US officials played down the prospect of additional military strikes against Iran.

However, prices recovered part of their losses after an Iranian security official denied that negotiations were underway between the two sides.

Meanwhile, US crude inventories increased by 9 million barrels in the week ended November 6, according to American Petroleum Institute data cited by market sources.

In Russia, oil refining capacity has fallen by approximately 30% since late October following renewed Ukrainian drone strikes, industry sources reported.

Separately, Russian and Ukrainian officials held their first peace negotiations since February in Abu Dhabi on Tuesday, as US President Donald Trump's envoys renewed efforts to bring the conflict to an end.

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