Brent trades near $91 as Hormuz uncertainty persists
Brent crude oil trades around $91 a barrel as uncertainty over the Strait of Hormuz supports prices amid US-Iran tensions and a reported vessel attack with engine-room damage and crew casualty.
Brent crude oil traded around $91 a barrel on Tuesday as uncertainty over the Strait of Hormuz continued to support prices.
Tensions remain elevated, with the US and Iran showing little sign of reaching an agreement over control of the key shipping route.
President Donald Trump said Washington is not currently holding or planning talks with Tehran, while confirming that the US naval blockade remains in place.
Despite his claim that Hormuz is open and mines have been cleared, shipping risks persist.
A vessel was reportedly attacked while leaving the strait, suffering engine-room damage and a crew casualty, according to UK maritime authorities.
Meanwhile, Gulf producers are finding alternative ways to maintain exports despite the disruption.
Saudi Arabia has begun offering crude cargoes sourced from outside the chokepoint, suggesting it may be adopting measures similar to the United Arab Emirates to move oil through or around the affected area.