Crude oil rallies to six-week high near $94 a barrel
Crude oil climbed back to $94 a barrel, the highest in six weeks, as supply-disruption concerns grew after US strikes near Kharg Island and Jask, and reports of attacks on Saudi Aramco facilities.
Crude oil climbed back to $94 a barrel on Tuesday, its highest level in six weeks, as concerns grew over potential supply disruptions. The US military struck targets near Kharg Island and the port city of Jask, including Iranian oil tankers. Kharg Island is Iran’s key oil export hub and the loading point for around 90% of the country’s crude shipments. Saudi Aramco facilities were hit in fresh attacks on Monday, while Iran-backed Houthi militants said they were responsible for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market.
The US military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. Iran also said on Monday it would establish a new shipping corridor with Oman in the Strait of Hormuz, and vessels would have to coordinate with Tehran to enter a new restricted maritime zone around the waterway.