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Oil: Brent rebounds with support from Hormuz mine strikes – Commerzbank

Disrupted LNG flows and reports of tankers striking mines amid rising tensions in the Strait of Hormuz have been a key catalyst for Oil’s recovery, according to Commerzbank Research.

Brent draws support from Hormuz conflict

"Tensions in the Strait of Hormuz escalated overnight."

"Iran’s IRGC Navy claimed two additional oil tankers struck mines while attempting to transit the waterway, with both vessels reportedly on fire."

"Brent crude rose 1.2% to USD92.63, as the latest Hormuz mine incidents provided a floor to prices despite the broader November slide of approximately 17%."

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