Crude oil rose more than 2% to around $84.50 per barrel, its highest level since June 12, extending gains for a third consecutive session as supply concerns mounted along several key export routes. Markets continued to track escalating tensions between the US and Iran after Washington carried out a 10th straight day of airstrikes and President Trump warned that Tehran "will pay" for attacks that killed American soldiers.
In a further sign of rising geopolitical risk, another tanker carrying oil products was reportedly hit near the Strait of Hormuz, underscoring ongoing threats to shipping in one of the world’s most critical energy chokepoints. At the same time, Yemen's Houthi militants threatened to block Saudi maritime traffic in the Red Sea, prompting at least one Saudi crude tanker to reverse course.
Beyond the Middle East, attacks on the Caspian Pipeline Consortium terminal on Russia's Black Sea coast disrupted exports from Kazakhstan, one of the world’s largest crude producers. Saudi Arabia stated that it would take all necessary measures, in line with international law, to protect its vessels.
