Crude oil traded near $102 a barrel on Tuesday after climbing 1.3% in the previous session, as markets weighed persistent supply risks in the Middle East against tentative signs of progress toward a Russia-Ukraine energy cease-fire. Prices pulled back from earlier highs after Turkey announced it was working to broker an accord between Kyiv and Moscow to halt attacks on energy infrastructure and Black Sea shipping. Ukraine has signaled it would support such a deal if Russia agrees, while the Kremlin has described the proposal as a positive initiative.
In the Middle East, supply concerns remain elevated following Saudi Arabia’s shutdown of its East–West pipeline, a key alternative export route to the Strait of Hormuz. Saudi Arabia is reportedly seeking to boost crude flows through Hormuz while the pipeline is offline, though some reports indicate repairs could take several weeks. Even so, US Energy Secretary Chris Wright has said he expects the pipeline to return to service soon.
