Oil Prices Rebound from Two-Month Low in Asian Trading
Brent and WTI crude futures rebounded from two-month lows in Asian trading on November 11. Ship attacks in the Strait of Hormuz supported prices, while rising U.S. crude inventories and increased oil flows from the Middle East weighed on the market.
International oil prices rebounded in Asian trading on November 11 from two-month lows reached in the previous session. At 2:30 p.m. Vietnam time, Brent crude futures rose $0.52, or 0.6%, to $92.01 a barrel; U.S. West Texas Intermediate crude futures rose $0.16, or 0.2%, to $86.20 a barrel.
A Petronas gas station in Kuala Lumpur, Malaysia.（VietVance）
Traders were hoping for an easing of the Middle East conflict while remaining concerned about attacks on ships in the Strait of Hormuz. Data from the Washington Institute for Near East Policy showed 37 attacks on ships in October 2026, the highest monthly total since the Middle East conflict began in late February that year. There is currently no sign that the frequency of attacks will decline in November. Experts said attacks on ships along Gulf shipping routes have increased amid continued uncertainty over diplomatic talks.
Meanwhile, the conclusion of the U.S. midterm elections and increased crude oil flows from the Middle East have left the oil market showing signs of a downward trend. Iran’s willingness to meet U.S. demands to reach a diplomatic agreement is seen as a key factor affecting oil prices. Market sources, citing data from the American Petroleum Institute, said U.S. crude inventories rose by 9 million barrels in the week ended November 6.
On the supply side, Russian industry sources said the country’s refining capacity has fallen by about 30% since late October 2026 following a resumption of Ukrainian drone attacks. Russian and Ukrainian officials met in Abu Dhabi, United Arab Emirates, on November 10 for their first peace talks since February 2026.
Source: VietVance
