Oil Climbs Back Above $102 as Markets Watch Possible US–Iran Talks

Oil Supply Concerns Ease Slightly

Oil markets are also watching changing supply conditions across the region.

Saudi Aramco has increased crude shipments through the Strait of Hormuz after attacks on its East-West Pipeline disrupted some exports through Yanbu.

Tanker-tracking data cited by Reuters showed that around 14 million barrels of Saudi crude were loaded onto seven supertankers inside the Gulf on Sunday.

Higher movements through the Strait of Hormuz have helped ease some immediate fears about supply disruption, although geopolitical risks across the Middle East remain elevated.

The Strait of Hormuz is one of the world's most strategically important energy shipping routes, meaning any significant disruption can have an immediate impact on global oil markets.

...[ Continue to next page ] By: Kriti Vaid