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Oil: Are Hormuz mine strikes underpinning Brent’s rebound? – Commerzbank
Oil’s rebound is being driven in large part by mounting tensions in the Strait of Hormuz, according to Commerzbank Research, which points to reported mine strikes on tankers and disruptions to LNG flows.
How is the Hormuz conflict supporting Brent prices?
"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%."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)
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