Brent Crude Climbs to $92.43 as Hormuz Attacks and Truce Doubts Mount

Crude oil prices advanced on Wednesday, with Brent reaching $92.43 a barrel and West Texas Intermediate rising to $86.62 a barrel, reversing earlier declines from two-month lows. Gains were fueled by escalating maritime security threats in the Strait of Hormuz, where 37 vessels were attacked in October and at least 10 in November, alongside fading optimism over U.S.-Iran negotiations. Supply constraints were further exacerbated by strikes hitting Saudi Arabia's East-West pipeline and a roughly 30% drop in Russian refining capacity, though price momentum faced headwinds from a 9-million-barrel rise in U.S. crude inventories.