Oil Prices Rise as Iran Peace Optimism Fades

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 in the Strait of Hormuz last month, Reuters reported on Tuesday, citing data from the Washington Institute for Near East Policy. According to the International Maritime Organization, since the start of the war, a total of 130 vessels have come under attack in the area.