Oil Prices Rise Amid Strait of Hormuz Shipping Attacks

Oil prices rose on November 11, with Brent futures reaching $92.77 and West Texas Intermediate climbing to $86.80. This recovery follows a brief dip on Tuesday when prices hit their lowest levels since August after Donald Trump and Secretary of State Marco Rubio signaled restraint regarding further military strikes against Iran, suggesting that existing sanctions and a naval blockade were sufficient.

Market gains returned as shipping attacks escalated in the Strait of Hormuz. The Washington Institute for Near East Policy reported 37 attacks in October and 10 in November. The United Kingdom Maritime Trade Operations confirmed a tanker strike northeast of Lima, Oman, while the Navy of the Army of the Guardians of the Islamic Revolution claimed tankers caught fire after hitting naval mines on unauthorized routes. These disruptions are compounded by a 30 percent decrease in Russian oil refining capacity following Ukrainian drone attacks, including a strike on the port of Ust-Luga.

Diplomatic efforts remain mixed. While envoys for the U.S. president supported the first peace talks between Russian and Ukrainian officials in Abu Dhabi since February, negotiations between the United States and Iran remain deadlocked. Iran's security chief recently asserted that no enriched nuclear material will leave the country, complicating U.S. demands to include nuclear issues in talks to end the U.S.-Israeli war on Iran. Domestically, House Republicans blocked an effort to impeach Defense Secretary Pete Hegseth over his management of the conflict.