Oil prices rose on Wednesday, November 11, from the previous session's two-month lows, as the market swung between hopes for a de-escalation in the US-Israeli war on Iran and concerns about attacks on shipping in the Strait of Hormuz, Reuters reported from Singapore. Brent futures climbed $1.04, or 1.1%, to $92.53 a barrel at 0420 GMT, while US West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $86.71 a barrel.

Source: Reuters via HI-99

The rebound follows Tuesday's sharp fall, when Brent dropped below $90 a barrel for the first time since August after President Donald Trump downplayed further strikes on Iran, easing fears of supply disruption. Wednesday's move shows traders are not yet willing to price in a calm Hormuz: reporting the same morning described another tanker incident in the strait, involving the Saudi-flagged NCC Fajr.

Recent data showed little sign of fewer attacks in November, after 37 ships were attacked in the strait and surrounding waters in October — the highest monthly total since the start of the Middle East war in late February — according to data from the Washington Institute for Near East Policy cited by Reuters. The strait carries about a fifth of the world's petroleum, so every reported tanker incident moves prices.

Inventories and inflation cap the gains

Bearish US data limited the rebound. Preliminary figures from the American Petroleum Institute (API) showed US crude inventories rose by about 9 million barrels in the week ending November 6 — yaani about 90 lakh barrels — against expectations of a draw of around 0.6 million barrels, according to ING's commodities team summarising the API release. Markets were awaiting official US Energy Information Administration (EIA) figures due later on Wednesday.

Source: FXStreet / ING commodities feed

Hotter-than-expected US inflation data for October — consumer prices rose 0.4% month on month against expectations of 0.3% — strengthened the dollar and revived expectations of further Federal Reserve rate hikes, a headwind for oil demand and for precious metals. Even so, gold recovered some ground on Wednesday: spot gold rose 0.6% to $4,055.00 an ounce by 1122 GMT, after dropping around 3% to $4,013.29 on Tuesday, Reuters reported.

Source: Reuters via Kitco

For India and the Gulf's large Punjabi and Indian workforce, the Hormuz risk premium matters twice over: it feeds directly into India's crude import bill and fuel prices at home, and it is the same shipping danger that has repeatedly put Indian seafarers in harm's way in the strait this autumn.

What happens next: traders are watching the EIA inventory release later on Wednesday, any further UKMTO reports from the strait, and whether Washington and Tehran turn the current talk of de-escalation into a verifiable pause in attacks on shipping. Until then, analysts say, Hormuz headlines — not supply fundamentals — remain the main driver of the oil price.