WTI Oil steadies above $85 as hopes of Middle East peace agreement fades

Despite hopes for de-escalation in the Middle East, tankers continue to burn and oil spills persist, as drones and missiles target infrastructure. The United Kingdom Maritime Trade Operations agency reported a new incident involving a tanker in the Strait of Hormuz, while Iran claimed an oil tanker caught fire after striking a naval mine.

At least ten ships were targeted in the first ten days of November, following 37 attacks in October, the highest monthly tally since the conflict began. Videos showed a Navig8 tanker on fire near Oman's coast, with Iran taking responsibility for hitting three tankers that day. A US aircraft also disabled a cargo vessel near Iranian waters.

Oil spills have damaged the environment, with oil reaching Oman's shores and satellite imagery revealing spills off Oman and the UAE. The Saudi Energy Ministry reported a limited strike on Aramco's office building in Riyadh, with no injuries. The International Maritime Organization has confirmed 133 incidents since the conflict began in late February, resulting in at least 25 seafarers' deaths.