Oil Prices Rebound From Two-month Low
(RTTNews) - Oil prices traded higher on Wednesday after a two-day decline as fresh tanker attacks in the Strait of Hormuz raised concerns over global oil supplies.
Brent crude futures climbed 1.3 percent to $92.74 a barrel but held close to ten-week lows on signs of easing tensions between the U.S. and Iran, and reports suggesting that Middle Eastern oil shipments have nearly returned to prewar levels despite ongoing attacks on vessels in the Strait of Hormuz. WTI crude futures were up 0.9 percent at $86.85 a barrel.
In an interview with pro-Iran broadcaster Al-Mayadeen, Iran's top security official Mohsen Rezaei denied any talks with Washington and insisted the U.S. must meet seven conditions set out in a June interim agreement before the Strait of Hormuz can reopen and negotiations resume.
Earlier this week, U.S. President Donald Trump downplayed the prospect of further U.S. strikes on Iran and declared that the war is "militarily effectively over", easing fears of sustained supply disruptions in the Middle East.
According to data compiled by the Washington Institute for Near East Policy, there were 37 vessel attacks in the Strait of Hormuz and neighboring waterways in October, marking the highest monthly attack volume since the conflict began. An additional 10 maritime attacks have been reported in November.
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