Brent Holds at 5-Month Highs
Brent crude climbed toward $110 per barrel on Tuesday, scaling its highest levels since May as escalating conflicts in the Middle East and Eastern Europe overshadowed signs of robust energy flows from the Persian Gulf. Iran continued to assert control over the Strait of Hormuz, with maritime authorities reporting multiple attacks on commercial ships. Saudi Arabia and Iran-backed Houthi militants in Yemen also traded strikes, while Russia and Ukraine resumed attacks on energy infrastructure. Meanwhile, US Energy Secretary Chris Wright said Persian Gulf oil shipments had recovered to about 80% of pre-war levels, although refined-product deliveries remained limited. The Trump administration is also authorizing the sale of sanctioned oil tankers to enable them to transport crude legally, with the global “dark fleet” estimated at around 1,600 vessels.
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Brent crude climbed toward $110 per barrel on Tuesday, scaling its highest levels since May as escalating conflicts in the Middle East and Eastern Europe overshadowed signs of robust energy flows from the Persian Gulf. Iran continued to assert control over the Strait of Hormuz, with maritime authorities reporting multiple attacks on commercial ships. Saudi Arabia and Iran-backed Houthi militants in Yemen also traded strikes, while Russia and Ukraine resumed attacks on energy infrastructure. Meanwhile, US Energy Secretary Chris Wright said Persian Gulf oil shipments had recovered to about 80% of pre-war levels, although refined-product deliveries remained limited.
The Trump administration is also authorizing the sale of sanctioned oil tankers to enable them to transport crude legally, with the global “dark fleet” estimated at around 1,600 vessels.