Oil prices climb above $74 per barrel as Hormuz attacks and UAE OPEC exit spark market concerns

International oil markets saw Brent crude rise to about $74 a barrel on Tuesday, with the London market trading $1.78 higher than the previous close and the U.S. market at $70.21. The price uptick was driven by reports of attacks on tankers near the Strait of Hormuz, where a LNG carrier was hit by a projectile and a Saudi‑flagged oil tanker was damaged, incidents linked to Iranian forces. Analysts said the incidents add a geopolitical risk premium to prices.

Separately, Serbian oil industry officials noted that global crude prices have jumped to roughly $80 a barrel, citing the United Arab Emirates' departure from OPEC, expanded Iranian licensing for crude sales, and renewed Middle‑East tensions as key factors. While raw crude accounts for only 20‑30% of Serbia’s fuel cost, the surge influences wholesale pricing and limits retailers’ ability to lower pump prices.