Energy and oilUpdated 9h ago

Brent and WTI rebound after a two-month low amid Hormuz shipping concerns

The Saudi Press Agency reported on November 11 that Brent stood at $92.20 a barrel, up 71 cents (0.78%), and WTI at $86.53, up 49 cents (0.57%), after oil reached a two-month low in the previous session. Asharq Business with Bloomberg linked the rebound to hopes of easing the US-Iran conflict and reports of attacks on ships in the Strait of Hormuz, without naming those responsible. Asharq Al-Awsat cited renewed concern about Hormuz shipping and faltering hopes for de-escalation. The Ministry of Foreign Affairs has stated that the Kingdom supports dialogue, diplomatic solutions and mediation by Qatar and Pakistan, and calls for negotiations to prevent renewed military escalation. In a separate earlier incident, the Ministry condemned Iran’s targeting of the Saudi tanker Sidr, which caused crew deaths.

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