07.07.202606:44:43UTC+00Brent Climbs After LNG Carrier Hit Near Hormuz

Brent crude climbed toward $73 per barrel on Tuesday, hitting a one-week high after a fully laden LNG carrier owned by a Qatari state shipping firm was struck by a projectile near the Omani coast as it exited the Strait of Hormuz. The incident rekindled concerns among shipowners and raised doubts about the durability of the US-Iran agreement intended to prevent attacks in this strategic waterway.

Despite the escalation in geopolitical risk, oil prices stayed close to their lowest levels since late February, as expectations of rising supply continued to exert downward pressure on the market. Reports showed that at least eight vessels linked to Japan transited out of Hormuz along a route near Iran, including five supertankers, each capable of carrying 2 million barrels of crude.

In a further sign of soft market conditions, Saudi Aramco reduced the official selling price of its Arab Light crude for Asian buyers for next month by $1.10 per barrel, widening the discount to $1.50 below the regional benchmark.