Oil Holds Gains on Heightened Supply Risks
Crude oil held above $93 per barrel on Tuesday after climbing for three consecutive sessions, underpinned by mounting supply concerns as the Middle East conflict escalates and attacks in Ukraine continue. The Trump administration is under growing pressure to assist Saudi Arabia in its fight against Iran-backed Houthi militants in Yemen following a series of missile and drone strikes on Riyadh’s main airport. The attacks killed at least 16 people, including a US citizen, and left around 300 others injured. In Eastern Europe, Ukrainian President Volodymyr Zelenskyy vowed to continue strikes against Russia as Moscow keeps targeting Ukraine’s energy infrastructure, breaching the “energy ceasefire” announced by US President Donald Trump. Meanwhile, Trump’s envoys Jared Kushner and Steve Witkoff reportedly informed Ukrainian officials that permitting controversial Russian diesel exports was part of broader efforts to bring Moscow back to the negotiating table to end the war.
Story updates
Crude oil held above $93 per barrel on Tuesday after climbing for three consecutive sessions, underpinned by mounting supply concerns as the Middle East conflict escalates and attacks in Ukraine continue. The Trump administration is under growing pressure to assist Saudi Arabia in its fight against Iran-backed Houthi militants in Yemen following a series of missile and drone strikes on Riyadh’s main airport. The attacks killed at least 16 people, including a US citizen, and left around 300 others injured.
In Eastern Europe, Ukrainian President Volodymyr Zelenskyy vowed to continue strikes against Russia as Moscow keeps targeting Ukraine’s energy infrastructure, breaching the “energy ceasefire” announced by US President Donald Trump. Meanwhile, Trump’s envoys Jared Kushner and Steve Witkoff reportedly informed Ukrainian officials that permitting controversial Russian diesel exports was part of broader efforts to bring Moscow back to the negotiating table to end the war.