Oil Rebounds as Escalating Strait of Hormuz Attacks Counter Iran Truce Hopes

Crude oil prices rose from two-month lows on Wednesday, with Brent climbing to $92.43 a barrel and West Texas Intermediate reaching $86.62 a barrel. The recovery was driven by fading optimism for a swift U.S.-Iran diplomatic resolution amid mounting maritime disruptions in the Strait of Hormuz, where 37 vessels were attacked in October and at least 10 in November. Additional supply constraints, including attacks on Saudi Arabia's East-West pipeline and a 30% drop in Russian refining capacity due to drone strikes, supported prices despite a 9-million-barrel rise in U.S. crude inventories.