Business · Energy & Commodities · 2 hrs ago
Oil rises as Strait of Hormuz risks renew supply concerns
Oil prices rose on Wednesday, with Brent crude closing at $92.76 a barrel and US crude at $86.53.
The rise followed a sharp fall the previous session, when both prices reached their lowest levels in two months.
Tensions between the United States and Iran renewed supply concerns after an Iranian security official said enriched nuclear material would not leave Iran, while Washington wants nuclear issues included in preliminary talks.
The Strait of Hormuz remains a major shipping risk: 37 ships were attacked there and in nearby waters in October, the highest monthly total since the war began in February.
Even if a political deal is reached, shipping may take time to return to normal because of mines, damage to navigation infrastructure, higher insurance costs and shipowners' reluctance.
Rising US oil stocks limited the price gains, with preliminary data indicating an increase of about 9 million barrels last week.
Markets were awaiting official US inventory figures due Thursday to assess supply and demand.
Oil prices rose as renewed supply concerns and risks to shipping in the Strait of Hormuz supported the market.
Brent crude gained 1.39% to close at $92.76 a barrel, while U.S. West Texas Intermediate rose 0.57% to $86.53.
An Iranian security official said Iran would not allow enriched nuclear materials to leave the country, reducing hopes for a near-term de-escalation with the United States.
Thirty-seven ships were attacked in and around the Strait of Hormuz during October, according to data cited by Reuters from the Washington Institute for Near East Policy.
An estimate of a 9-million-barrel increase in U.S. crude inventories limited the price gains.
- Who
- Oil markets, including Brent and U.S. West Texas Intermediate crude.
- What
- Oil prices rose amid renewed supply concerns and risks to shipping in the Strait of Hormuz.
- When
- At Wednesday’s close; the article was published on 2026-11-11.
- Where
- Global oil markets, with risks centered on the Strait of Hormuz.
- Why
- Renewed supply concerns and reduced hopes for a near-term U.S.-Iran de-escalation supported prices; an estimated rise in U.S. inventories limited gains.
This story does not have two clearly opposing sides.
The war on Iran began, according to the article.
Thirty-seven ships were attacked in the Strait of Hormuz and surrounding waters.
Brent and West Texas Intermediate fell to their lowest levels in two months.
Brent and West Texas Intermediate rose at the close of trading.
Markets awaited official U.S. inventory data.
- Brent crude
- Closed at $92.76 per barrel, up $1.27 or 1.39%
- West Texas Intermediate
- Settled at $86.53 per barrel, up 49 cents or 0.57%
- Ships attacked
- 37 in the Strait of Hormuz and surrounding waters during October
- Estimated U.S. crude inventory increase
- About 9 million barrels in the previous week
- Publication date
- 2026-11-11
What people are saying
his country would not allow enriched nuclear materials to leave its territory