12% loss in oil continues: Hormuz attacks raised Brent again

Brent crude rebounded toward $100 a barrel after tanker incidents around the Strait of Hormuz revived supply concerns, though the benchmark remains on track for a weekly loss of about 12%. Oil had fallen sharply on expectations that the Iran war could ease following the U.S. midterm elections. The renewed friction near Hormuz, a chokepoint for global crude shipments, underscores how quickly geopolitical risk can reverse sentiment in energy markets. Traders will watch whether the tanker disruptions escalate and whether Washington's post-election posture toward Tehran shifts.