Brent crude approached $110 per barrel on Tuesday, its highest level since May, as escalating conflicts in the Middle East and Eastern Europe outweighed indications of strong oil flows from the Persian Gulf. Iran maintained a firm grip on the Strait of Hormuz, with maritime authorities reporting several attacks on commercial vessels. Tensions also flared between Saudi Arabia and Iran-backed Houthi militants in Yemen, while Russia and Ukraine renewed strikes on energy infrastructure.
At the same time, US Energy Secretary Chris Wright noted that oil shipments from the Persian Gulf had rebounded to roughly 80% of their pre-war volume, though deliveries of refined products remained constrained. The Trump administration has additionally moved to authorize the sale of previously sanctioned oil tankers, allowing them to re-enter the legal crude trade. The global “dark fleet” of such vessels is estimated at around 1,600 ships.
