Oil prices rise to five-week high on US-Iran attacks
Oil prices climbed about 2% on Tuesday to a five-week high on worries that energy supply disruptions could worsen in the Middle East due to more attacks between the US and Iran and a threatened naval blockade of Saudi Arabia by Yemen’s Houthis.
In Asia, meanwhile, fuel oil markets extended gains on Tuesday on worries about the Houthi naval blockade threat against Saudi Arabia through the Red Sea’s southern gateway.
Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from Yemen’s Iran-aligned Houthis.
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