FX.co ★ Crude Oil Nears Six-Week High

Crude oil briefly climbed above $94 a barrel on Tuesday before easing to about $92.75, trading near a six-week high amid mounting fears of supply disruptions. Tensions in the Middle East have intensified after a weekend of reciprocal strikes between the US and Iran. On Monday, Saudi Aramco facilities came under renewed attack, with Iran-backed Houthi militants claiming responsibility for strikes on the 400,000-barrel-a-day Jazan refinery and other assets supplying the domestic market. The escalation followed US military action on Saturday, when American forces hit three Iranian oil tankers in response to Iran’s launch of ballistic missiles at two US Navy warships. Adding further support to prices, Iran announced on Monday that it plans to open a new shipping corridor with Oman in the Strait of Hormuz, a move that could complicate tanker traffic through one of the world’s most critical oil chokepoints. Under the proposal, vessels would be required to coordinate with Tehran before entering a newly designated restricted maritime zone around the strait.