FX.co ★ Oil Steadies as Traders Monitor Mideast Flows

Crude oil prices held firm above $103 per barrel on Tuesday, consolidating recent gains as investors weighed intensifying conflicts in the Middle East and Eastern Europe against evidence of solid supply from the Persian Gulf. US Energy Secretary Chris Wright noted that oil shipments from the Persian Gulf have rebounded to roughly 80% of pre-war volumes, though deliveries of refined products remain constrained. The Trump administration is also authorizing the sale of previously sanctioned oil tankers, allowing them to re-enter the legal crude trade; the global “dark fleet” is estimated to comprise about 1,600 vessels. At the same time, Iran continued to assert control over the Strait of Hormuz, with maritime authorities reporting multiple attacks on commercial vessels. Saudi Arabia and Iran-backed Houthi militants in Yemen exchanged strikes, while Russia and Ukraine renewed attacks on energy infrastructure.