BEIJING — Global oil prices rose on Wednesday after falling to a two-month low in the previous trading session. Continuing attacks on commercial vessels in and around the Strait of Hormuz have raised concerns about the safety of shipping and the stability of energy supplies. Brent crude futures climbed to $92.20 a barrel, while US West Texas Intermediate crude rose to $86.53.
The market is balancing hopes of a reduction in tensions surrounding the Iran war against concerns about further attacks on shipping. Expectations of possible de-escalation had put pressure on oil prices in the previous session. However, continuing security risks in the Strait of Hormuz have renewed fears of disruptions to global supplies.
According to figures from the Washington Institute for Near East Policy, 37 ships were attacked in the Strait of Hormuz and surrounding waterways in October. This was the highest monthly total since the start of the war. The waterway is a major route for international oil shipments, making any disruption a concern for energy-importing countries. Developments in the region are expected to remain an important factor influencing global oil prices.
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