Oil Prices Move Higher

2026-07-07 11:10 By Agna Gabriel 1 min. read

Crude oil advanced above $69 a barrel on Tuesday after attacks on commercial shipping in and around the Strait of Hormuz heightened concerns over more disruptions to global energy supplies.

The incident renewed concerns among shipowners and raised questions over the durability of the US-Iran agreement aimed at preventing attacks in the strategic waterway.

Also, the Iranian Foreign Minister said that final peace negotiations would stall if geopolitical threats persist.

Still, oil remained near its lowest level since late February, as growing supply expectations continued to weigh on the market.

Reports indicated that at least eight Japan-linked vessels exited Hormuz via a route near Iran, including five supertankers capable of transporting 2 million barrels of crude each.

Meanwhile, Saudi Aramco cut the price of its Arab Light crude for Asian buyers next month by $11 per barrel, widening the discount to $1.50 below the regional benchmark amid softer market conditions.



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