Oil rises from two-month low as Hormuz shipping attacks offset Iran truce hopes
Summary
BEIJING, Nov 11 : Oil prices rose on Wednesday after falling to two-month lows in the previous session, as the market swung between hopes for a de-escalation in the Iran war and concerns about ongoing attacks on shipping in the Strait of Hormuz.
Perspectives
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Neutral
Oil prices rose on Wednesday after reaching two-month lows in the previous session, as the market reacted to ongoing attacks on shipping in the Strait of Hormuz and hopes for de-escalation in the Iran war. Brent futures climbed 71 cents, or 0.78 percent, to $92.20 a barrel by 0119 GMT, while US West Texas Intermediate crude rose 49 cents, or 0.57 percent, to $86.53.
Global South
Oil prices rose to $92.20 a barrel as the market weighed concerns about ongoing attacks on shipping in the Strait of Hormuz against hopes for a de-escalation in the Iran war. This volatility highlights the direct impact of regional instability on global energy costs and trade routes.
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Sources
- CNABy CNA
BEIJING, Nov 11 : Oil prices rose on Wednesday after falling to two-month lows in the previous session, as the market swung between hopes for a de-escalation in the Iran war and concerns about ongoing attacks on shipping in the Strait of Hormuz. Brent futures climbed 71 cents, or…
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