US Oil Futures: Crude Rises Over 1% on Supply Disruption Risks

Oil benchmarks gained more than 1% on Tuesday supported by maritime hostilities in the Strait of Hormuz that are igniting concerns among traders of further supply disruption. The Brent futures contract rose 1.6% to $73.12 per barrel. West Texas Intermediate futures gained 1.5% to $69.60 per barrel. The upward price movement was triggered after a Qatari LNG vessel was struck by a projectile near the Omani coast while exiting the Strait of Hormuz, market experts noted. Saxo Bank analysts said that the incident has severely heightened shipowner anxiety and directly tested the current US-Iran agreement designed to halt regional hostilities and keep the vital shipping corridor open. Adding to the geopolitical headwinds, macro markets are pricing in a renewed wave of rhetorical friction from Washington. US President Donald Trump reportedly issued a stern warning, stating that the US would either finalize a definitive diplomatic deal with Tehran or "finish the job." Saudi Aramco slashed its August Official Selling Price for its flagship Arab Light crude to Asia by an unprecedented $11 per barrel. This sharp adjustment prices the grade at a $1.50 discount against the regional.