Brent Crude Oil Tops $70

Brent crude oil surged about 4% to a seven-week high of $94.5 per barrel on Wednesday, extending gains for a fourth consecutive session as escalating geopolitical tensions fueled concerns over global supply. President Donald Trump dismissed the prospect of near-term negotiations with Iran and warned of broader military action, including possible strikes on the suspected nuclear facility at Pickaxe Mountain. He also pledged retaliation if Iran-backed Houthi rebels in Yemen disrupted shipping in the Red Sea. Meanwhile, the US military carried out an 11th consecutive day of strikes against Iran, saying the operations aim to reduce Tehran’s ability to threaten shipping through the Strait of Hormuz, which remains open. Supply concerns also spread beyond the Middle East after renewed attacks on the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast, a key export route for Kazakh crude.

Brent rose above $93 per barrel on Wednesday, hitting almost six-week highs as supply risks intensified across several major export routes even beyond the Middle East. President Donald Trump dismissed the likelihood of imminent talks with Iran while warning of additional strikes and pledging retaliation if Tehran-backed Houthi rebels in Yemen disrupted shipping through the Red Sea. The Red Sea has become a vital export corridor for Saudi Arabia during the conflict, enabling the kingdom to reroute part of its crude exports through pipelines and reduce reliance on the Strait of Hormuz. Meanwhile, a Kuwaiti tanker carrying oil products was struck in Hormuz, underscoring persistent threats to maritime traffic. Outside the region, traders are also monitoring a series of attacks on the Caspian Pipeline Consortium terminal along Russia’s Black Sea coast, a key export hub for most of Kazakhstan’s crude.

Brent climbed 2.6% to around $91.5 per barrel, the highest since June 10, extending gains for a third straight session as supply concerns intensified across several key export routes. Markets continued to monitor the conflict between the US and Iran after Washington carried out a 10th consecutive day of strikes and President Trump vowed Tehran "will pay" for attacks that killed American soldiers. Another tanker carrying oil products was reportedly struck near the Strait of Hormuz, highlighting ongoing risks to shipping. Meanwhile, Yemen's Houthi militants threatened to block Saudi maritime traffic in the Red Sea, prompting at least one Saudi crude tanker to reverse course. Beyond the Middle East, attacks on the Caspian Pipeline Consortium terminal on Russia's Black Sea coast also disrupted exports from Kazakhstan, one of the world's largest crude suppliers. Saudi Arabia said it would take all necessary measures to safeguard its vessels in accordance with international law.