FX.co ★ Oil Prices Move Higher

Crude oil climbed above $69 a barrel on Tuesday after attacks on commercial vessels in and around the Strait of Hormuz intensified concerns about further disruptions to global energy supplies. The incident has renewed anxiety among shipowners and cast doubt on the durability of the US-Iran agreement intended to prevent attacks in this strategic maritime corridor. Adding to the uncertainty, Iran’s foreign minister warned that final peace talks could stall if geopolitical threats persist.

Despite these developments, oil prices remained close to their lowest levels since late February, as expectations of increased supply continued to pressure the market. Reports indicated that at least eight Japan-linked vessels exited the Strait of Hormuz via a route close to Iran, including five supertankers, each capable of carrying 2 million barrels of crude.

In parallel, Saudi Aramco reduced the official selling price of its Arab Light crude for Asian buyers for next month by $1.10 per barrel, deepening the discount to $1.50 below the regional benchmark, reflecting softer market conditions.