Brent crude climbed to $92.43 per barrel as fading hopes for a US-Iran peace deal and persistent tanker attacks in the Strait of Hormuz reignited geopolitical risk premiums.
Brent rebounded to $92.43 per barrel as optimism over a US-Iran peace deal faded, with a record 37 vessels attacked in the Strait of Hormuz in October. Continued Houthi attacks on the East-West pipeline limit downside, though prices remain sharply below late-October levels above $110 as the geopolitical premium fades.
WTI reversed its earlier weekly fall to trade at $86.62 per barrel as traders priced back in Middle East risk on fading US-Iran peace hopes and record Hormuz tanker attacks in October. It still trades far below end-October levels above $100, so the rebound is partial.
Oil prices rebounded as market optimism regarding a potential US-Iran peace deal waned. Brent crude rose to $92.43 per barrel and WTI to $86.62, supported by ongoing security concerns in the Strait of Hormuz, where a record 37 vessels were attacked in October.
Traders grew less optimistic about a US-Iran peace deal, while tanker attacks in the Strait of Hormuz continued, with a record 37 vessels attacked in October.
The article notes oil has fallen by more than 20% from late-October highs, when Brent was over $110 per barrel, to around $92.
WTI was trading at $86.62 per barrel, up from the start of the week but well below the end-October level above $100.