Oil rises amid growing concerns over supply disruptions in Middle East

2336 GMT — Oil rises in early Asian trade amid growing concerns over supply disruptions in the Middle East. “A Kuwaiti oil tanker was attacked in the Strait of Hormuz northeast of Oman by an unknown projectile,” ANZ Research analysts say in a research report. “This follows strikes in recent days on vessels owned by Dynacom Tankers Management,” the analysts say. This has left the Strait of Hormuz “deserted, with no ships observed transiting the waterway on Tuesday,” they say. Also, prospect of a U.S.-Iran ceasefire agreement has faded, the analysts add. Front-month WTI crude oil futures are 0.4% higher at $84.68 per barrel. ([email protected])

Oil Prices to Top US$100 per Barrel as War Continues

2251 GMT [Dow Jones]—The U.S. dollar edged higher through U.S. and European trading as the U.S. and Iran exchanged strikes for a 10th consecutive day, says Samara Hammoud, currency strategist at CBA. CBA expects the strikes in the Middle East to continue for the next two months, bringing with it a renewed closure of the Strait of Hormuz and pushing Brent oil prices toward US$100 per barrel. A continuation of the Middle East conflict should support the USD because of its safe‑haven status and typically positive correlation with oil prices, Hammoud adds. ([email protected]; X @JamesGlynnWSJ)