FX.co ★ Crude Oil Rises to Over 3-Month High

Crude oil climbed to about $94 a barrel on Tuesday, the highest level since June 3, after Saudi Arabia reported attacks that shut down operations at several energy facilities in the south of the country. The state-run Saudi Press Agency said the strikes injured several people, while Iran-backed Houthi militants claimed responsibility for hitting the 400,000-barrel-a-day Jazan refinery and other facilities supplying the domestic market.

The attacks have intensified concerns about additional disruption to global oil supplies amid continued Houthi strikes and the broader conflict involving Iran. Tensions are also mounting around the Strait of Hormuz, where Iran said a deal with Oman could soon create a temporary safe-passage corridor, even as it warned that vessels in the area remain vulnerable to attack.

At the same time, Chinese crude imports strengthened in August as refiners boosted purchases from the Persian Gulf and other regions. These higher inflows have allowed China to increase exports of refined petroleum products, offering some relief to global oil markets.