Oil Prices Rise as Iran Peace Optimism Fades

AI Summary

Oil prices rebounded as traders became less optimistic about a peace deal between the United States and Iran, while tanker attacks continued in the Strait of Hormuz. Brent was reported at $92.43 per barrel and WTI at $86.62, both higher than earlier in the week but well below late-October levels.

Crude oil prices reversed their fall from earlier this week as traders grew less optimistic about a peace deal between the United States and Iran amid continuing tanker attacks in the Strait of Hormuz, with a record number of such attacks in October. At the time of writing, Brent crude was trading at $92.43 per barrel, with West Texas Intermediate at $86.62 per barrel, both up from the start of the week but still sharply down from the end of October, when Brent crude was over $110 per barrel, and WTI was over $100. As many as 37 vessels were attacked…