India, Oct. 20 -- Global oil prices hovered near a five-month high on October 20 as traders assessed the threat of further attacks in the Strait of Hormuz alongside a recovery in crude shipments from the Persian Gulf.

Brent crude traded just below $110 per barrel, while West Texas Intermediate (WTI) futures approached $99. Renewed attacks on tankers and energy infrastructure have kept concerns over supply disruptions in focus, despite increased oil exports from parts of the region.

Why Are Oil Prices Rising?

The prospect of further Iranian attacks around the Strait of Hormuz has added to uncertainty in energy markets. Iran's First Vice-President Mohammad Reza Aref said on October 19 that the country had to assert control over the strat...