Oil markets saw a rebound on Wednesday after recording two-month lows during the earlier trading session. Market sentiment was torn between hopes of easing tensions in the Iran war and fresh fears over continuous attacks on shipping passing through the Strait of Hormuz.

Latest price movements

Brent futures went up by 71 cents, or 0.78 per cent, standing at $92.20 a barrel by 0119 GMT. Meanwhile, US West Texas Intermediate (WTI) crude gained 49 cents, or 0.57 per cent, reaching $86.53.