Commerzbank Research highlights escalating tensions in the Strait of Hormuz, with reported mine strikes on tankers and disrupted LNG flows, as a key driver of Oil’s rebound.

Hormuz conflict underpins 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%."

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