Crude oil rose more than 2% to above $70 per barrel on Tuesday after attacks on commercial vessels in and around the Strait of Hormuz intensified worries about further disruptions to global energy supplies. The incident revived concerns among shipowners and cast doubt on the durability of the US–Iran agreement intended to prevent attacks in this key shipping corridor. Iran’s foreign minister also warned that final peace negotiations would stall if geopolitical threats persist.
Despite the uptick, oil prices remained near their lowest levels since late February, as expectations of growing supply continued to pressure the market. Reports indicated that at least eight Japan-linked vessels transited out of the Strait of Hormuz via a route close to Iran, including five supertankers, each capable of carrying 2 million barrels of crude.
In the meantime, Saudi Aramco reduced the official selling price of its Arab Light crude for Asian buyers for next month by $1.10 per barrel, widening the discount to $1.50 below the regional benchmark. The move reflects softer market conditions and intensifying competition for market share in Asia.
