Brent crude rose 1.2% to USD92.63 as escalating tensions in the Strait of Hormuz, including mine strikes on two tankers and disrupted LNG flows, countered a broader 17% monthly slide.
Escalating tensions in the Strait of Hormuz, with Iran's IRGC Navy claiming two oil tankers struck mines and both vessels on fire, directly threatens tanker transits through the chokepoint. Brent crude rose 1.2% to USD92.63 overnight, reversing part of a broader November slide of roughly 17%. Supply-disruption risk in a major oil transit route provides a price floor.
Brent crude prices rebounded 1.2% to USD92.63 on 12 November 2026 following reports of mine strikes on two oil tankers in the Strait of Hormuz. The incident, which also disrupted LNG flows, provided a price floor for the commodity after it experienced a significant 17% decline throughout November.
Tensions escalated overnight in the Strait of Hormuz: Iran's IRGC Navy claimed two oil tankers struck mines while transiting the waterway, with both reportedly on fire, and LNG flows were disrupted. Brent crude rose 1.2% to USD92.63.
The mine incidents provided a floor to prices despite a broader November slide of approximately 17%. Whether the rebound holds depends on whether tensions in the Strait of Hormuz keep escalating or de-escalate in the coming days.