Brent crude rises to highest level in over a month

Brent futures rose to $94 per barrel on Tuesday, the highest level in more than a month, as strikes in the Middle East extended the period of suspended exports from the region. The US launched a fresh wave of attacks against Iran after the two sides exchanged strikes earlier in the week, escalating the conflict even though the US had signaled it would limit its response to economic measures against Tehran. Tanker flows were expected to fall sharply after reports that GCC nations had enabled barrel exports, which had earlier offered some relief to crude and refined-product prices.

Further gains in crude were checked by major economies drawing on inventories to curb higher import turnover. The US SPR fell to below 290 million barrels, the lowest since 1982. China also sharply reduced crude imports, while refinery runs in the country were cut by 1.6 million barrels per day, pointing to weaker crude consumption despite steady demand for refined products.