FX.co ★ Crude Oil Hits Six-Week High

Crude oil rose back to $94 a barrel on Tuesday, its highest level in six weeks, driven by mounting fears of supply disruptions. The US military struck targets near Kharg Island and the port city of Jask, including Iranian oil tankers. Kharg Island, Iran’s main oil export hub, handles about 90% of the country’s crude loadings.

Saudi Aramco facilities came under fresh attack on Monday, with Iran-backed Houthi militants claiming responsibility for strikes on the 400,000-barrel-a-day Jazan refinery and other installations serving the domestic market. On Saturday, the US military hit three Iranian oil tankers after Iran fired ballistic missiles at two US Navy warships.

Further supporting prices, Iran announced on Monday that it will set up a new shipping corridor with Oman in the Strait of Hormuz. Under the plan, vessels would be required to coordinate with Tehran before entering a newly designated restricted maritime zone around the key waterway.