FX.co ★ Crude Oil Holds Near 4-Week High

Crude oil hovered near $101 a barrel on Monday, close to a four-week high after last week’s 10% surge, as renewed violence across the Middle East intensified fears of supply disruptions. A reported Saudi helicopter crash near the Yemen border, Houthi attacks on the key export hub of Yanbu, and damage to two tankers in the Persian Gulf have all raised doubts about the sustainability of the recent recovery in regional oil flows. US Energy Secretary Chris Wright said Gulf shipments had rebounded to about 80% of pre-conflict levels, though exports of refined products remain constrained. At the same time, President Donald Trump announced that Washington had reached a diesel export agreement with Russia and temporarily waived tariffs and sanctions on Russian energy shipments to support peace talks over Ukraine. However, US lawmakers have introduced legislation aimed at blocking these purchases.