Oil prices steady on Wednesday

Oil prices steadied near two-month lows on Wednesday as investors weighed hopes for de-escalation in the US-Israeli war with Iran against continued attacks on shipping in the Strait of Hormuz.

Brent crude futures rose 0.2 per cent to $91.68 a barrel by 0911 GMT, while US West Texas Intermediate (WTI) fell 0.1 per cent to $85.98.

Concerns over shipping security persisted after 37 vessels were attacked in October, the highest monthly total since the war began, according to data from the Washington Institute for Near East Policy.

Meanwhile, US crude inventories rose by 9 million barrels in the latest week, according to American Petroleum Institute data cited by market sources, with official figures due later on Wednesday.

Russian oil refining capacity has also fallen by around 30 per cent since late October following renewed Ukrainian drone attacks, industry sources said.