FX.co ★ Oil Rebounds by Over 3%

WTI crude oil futures climbed more than 3% to $96.40 per barrel on Tuesday, rebounding from a 5.3% decline the previous day, as Iran continued attacking energy infrastructure across the Middle East and Israel reported killing senior Iranian officials. Operations at the Shah gas field in the UAE were halted, and an Iraqi oil field was also hit by drones and missiles. Loadings from Fujairah were again suspended, according to Inchcape Shipping Services, further tightening global supply as the war enters its third week and the near-total closure of the Strait of Hormuz begins to affect consumers, particularly in Asia. Oil has surged over 40% since the conflict began, although prices eased on Monday ahead of the first release from US emergency reserves. President Trump said Washington is targeting Tehran’s ability to threaten shipping and urged other nations to help secure the Strait, while Treasury Secretary Scott Bessent confirmed the US is allowing Iranian crude to transit.