ع
The Emirates News Agency reported that oil prices rose by around 2 percent at the close of trading on Tuesday, reaching their highest levels in a month. Brent crude futures gained $1.43 or 1.7 percent to settle at $84.73 a barrel while US West Texas Intermediate crude futures rose $1.20 or 1.5 percent to close at $79.34 a barrel. This movement reflected trader focus on physical market tightness amid geopolitical factors. The agency noted the gains occurred as participants assessed limited flows through key chokepoints and inventory trends.
A Wall Street Journal assessment found oil futures posted back-to-back gains as the prolonged closure of the Strait of Hormuz raised concerns about falling global inventories. The continued restriction points to tighter physical markets and potential product shortages that could exert upward pressure on prices in coming weeks. Such dynamics have contributed to significant weekly gains in benchmark contracts with WTI recording a 10 percent advance in one recent period. MarketWatch reporting indicated that oil tanks are getting emptier each week the Hormuz situation persists.
The Energy Information Administration data showed a sixth straight weekly drop in US commercial crude supplies along with another draw from the nation’s emergency oil reserve. These declines have supported prices by signaling reduced availability in key storage hubs. Industry participants continue to monitor weekly inventory releases for further signs of tightening that could influence near-term trading.
Earlier in the week Arab Times figures placed Brent crude at $76.01 per barrel on the prior Friday close before the latest rebound took hold. The volatility underscores how swiftly market sentiment can shift in response to developments in critical shipping routes and official supply data. West Texas Intermediate had fallen to $71.41 in that previous session according to the same tallies.
Big News Network coverage of the WAM release highlighted that the Tuesday settlement marked the strongest levels since mid-June for the benchmarks. The gains capped a period of fluctuating prices as traders balanced supply risks against demand indicators from major economies. Observers expect continued sensitivity to any updates on the Hormuz situation or fresh inventory statistics in the sessions ahead.
