{
  "id": 19431189,
  "title": "Oil rises from two-month low as Hormuz shipping attacks offset Iran truce hopes",
  "url": "https://urgent.news/2026/11/11/oil-rises-from-two-month-low-as-hormuz-shipping-attacks-offset-iran",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-11T02:09:58.000Z",
  "source": {
    "name": "CNA - Business",
    "slug": "cna-business",
    "url": "https://www.channelnewsasia.com/business/oil-rises-two-month-low-hormuz-shipping-attacks-offset-iran-truce-hopes-6541486"
  },
  "original_language": "en",
  "account": "Oil prices surged on Wednesday, after plummeting to a two-month low in the previous trading session, as the market oscillated between optimism over a potential de-escalation in the Iran conflict and apprehension over persistent attacks on vessels in the Strait of Hormuz. Brent futures climbed by 71 cents, or 0.78%, to $92.20 per barrel by 0119 GMT. US West Texas Intermediate (WTI) crude rose by 49 cents, or 0.57%, to $86.53. According to the Washington Institute for Near East Policy, 37 ships were targeted in the Strait of Hormuz and its neighboring waters in October, marking the highest monthly tally since the onset of the war. Ten attacks have been documented so far in November.\n\nVideos shared on social media and verified by Reuters depicted a Navig8 tanker ablaze near the coast of Oman, one of three vessels struck on Sunday for utilizing unauthorized routes through the strait, according to the Iranian state broadcaster. Another tanker was hit northeast of Oman's Lima, the United Kingdom Maritime Trade Operations (UKMTO) agency reported on Tuesday. Iran's Revolutionary Guards Navy stated on Tuesday that two tankers caught fire after colliding with naval mines on an unauthorized route within the strait.\n\nEven if a pact is reached, the resumption of shipping flows through the waterway would still hinge on mine clearance, insurance expenses, and whether shipowners are willing to accept the risk, analysts from LSEG stated in a November 10 note. Meanwhile, attacks have not abated. Oil prices initially plummeted by more than $3 per barrel on the previous day following US officials' dismissal of the necessity for additional military strikes against Iran. However, they regained some of those losses after an Iranian security official affirmed the absence of negotiations between the two sides.\n\nUS crude oil reserves increased in the most recent week, according to market sources citing data from the American Petroleum Institute. Crude inventories swelled by 9 million barrels in the week ending November 6. In Russia, oil refining capacity has been diminished by around 30% since late October following renewed Ukrainian drone attacks, industry sources revealed. Russian and Ukrainian officials convened in Abu Dhabi on Tuesday for their inaugural peace talks since February, as US President Donald Trump's envoys launched a fresh initiative to conclude the war.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Axios",
        "title": "Trump: New Iran attacks \"quite unlikely\"",
        "url": "https://urgent.news/2026/11/09/trump-new-iran-attacks-quite-unlikely",
        "published": "2026-11-09T22:01:34.000Z"
      },
      {
        "outlet": "Arabian Business",
        "title": "Trump says UAE, Saudi Arabia, Qatar and Bahrain urged US to avoid fresh Iran attacks",
        "url": "https://urgent.news/2026/11/09/trump-says-uae-saudi-arabia-qatar-and-bahrain-urged-us-to-avoid-fresh",
        "published": "2026-11-09T23:37:28.000Z"
      },
      {
        "outlet": "The Economic Times - Top News",
        "title": "Oil rises from two-month low as Hormuz shipping attacks offset Iran truce hopes",
        "url": "https://urgent.news/2026/11/11/oil-rises-from-two-month-low-as-hormuz-shipping-attacks-offset-iran",
        "published": "2026-11-11T02:09:13.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}