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Crude oil prices hit four-week high amid Middle East tensions
Global crude oil prices have reached a four-week high, driven by escalating geopolitical tensions in the Middle East. Brent crude settled at $91.62 per barrel, while US West Texas Intermediate (WTI) rose to $85.83 per barrel.
Market volatility is fueled by the United Arab Emirates’ decision to suspend all financial and economic transactions with Iran following recent missile attacks. Additionally, the expiration of a temporary ceasefire agreement between the US and Iran has heightened concerns regarding maritime security. Conflicting reports persist over the status of the Strait of Hormuz; while US President Donald Trump maintains the passage is open, Iranian officials claim it remains closed. Kpler data shows vessel traffic through the Strait has dropped significantly, with only six cargo vessels crossing on Tuesday compared to a recent daily average of 11.
In the UAE, ADNOC is reportedly planning to reduce its spot tender crude supply to Asian buyers by approximately 5% over the next two months due to onshore field maintenance. This supply constraint has caused Murban Crude to trade at a nearly $7 per barrel premium over Brent, its highest level since April.
Entities
ADNOC · Donald Trump · Iran · Strait of Hormuz · United Arab Emirates
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The temporary ceasefire agreement between the US and Iran expired on Monday. sofokleous10.gr · thanhnien.vn · vtv.vn
- [● 3 SOURCES] Brent crude settled at $91.62 per barrel, up 0.7%. sofokleous10.gr · thanhnien.vn · vtv.vn
- [● 3 SOURCES] WTI crude rose 1.1% to $85.83 per barrel. sofokleous10.gr · thanhnien.vn · vtv.vn
- [● 2 SOURCES] The UAE has suspended all financial and economic transactions with Iran. sofokleous10.gr · thanhnien.vn
- [● 2 SOURCES] Six cargo vessels crossed the Strait of Hormuz on Tuesday. sofokleous10.gr · thanhnien.vn
- [○ 1 SOURCE] Murban Crude is trading at a premium of nearly $7 per barrel over Brent crude futures. oilprice.com
- [● 2 SOURCES] US President Donald Trump stated that no negotiations are currently occurring with Iran. sofokleous10.gr · vtv.vn
- [○ 1 SOURCE] ADNOC plans to reduce its spot tender crude supply to Asian buyers by approximately 5% over the next two months. oilprice.com