Oil Edges Higher on Supply Uncertainty
Crude oil edged higher to around $102 per barrel on Tuesday following a volatile start to the week, as investors continued to navigate heightened uncertainty over global supply. Saudi Arabia’s East-West pipeline, which provides an alternative route to the Strait of Hormuz, remains shut following drone attacks, with no clear indication of when operations will resume. A diplomatic meeting between Iran and the Gulf Arab states to discuss the situation in Hormuz was also abruptly postponed. Meanwhile, Iran claimed that a supertanker attempting to enter a restricted area in Hormuz exploded after striking mines, while maintaining that it would not engage in talks with the US until its demands are met. In Eastern Europe, President Zelenskyy said Ukraine is prepared to halt attacks on Russian energy targets if Russia does the same, contradicting US President Trump’s claim that Moscow and Kyiv had already agreed to suspend strikes against each other’s energy infrastructure.
Story updates
5 per barrel on Tuesday following a volatile start to the week, as investors continued to navigate heightened uncertainty over global supply. Saudi Arabia’s East-West pipeline, which provides an alternative route to the Strait of Hormuz, remains shut following drone attacks, with no clear indication of when operations will resume. A diplomatic meeting between Iran and the Gulf Arab states to discuss the situation in Hormuz was also abruptly postponed. Meanwhile, Iran claimed that a supertanker attempting to enter a restricted area in Hormuz exploded after striking mines, while maintaining that it would not engage in talks with the US until its demands are met.
In Eastern Europe, President Zelenskyy said Ukraine is prepared to halt attacks on Russian energy targets if Russia does the same, contradicting US President Trump’s claim that Moscow and Kyiv had already agreed to suspend strikes against each other’s energy infrastructure.