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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 m
The dollar was flat against major currencies as US-Iran tensions pushed oil higher and Treasury yields rose. Markets are watching upcoming US data and the Reserve Bank of Australia meeting for further policy clues.
Brent crude rose more than 3% above $107 a barrel as US-Iran tensions heightened supply risks and Treasury yields stayed above 5%. The Australian dollar weakened ahead of an expected Reserve Bank of Australia rate hike Tuesday.
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Crude oil holds above $82 a barrel on Monday as investors weigh uncertain US-Iran conflict risk, slower Strait of Hormuz shipping, and limited hope for a swift resolution.