Oil Rises to May Highs as Middle East, Russia-Ukraine Supply Risks Intensify

Oil prices climbed Tuesday to their highest levels since May as Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf heightened supply concerns. Brent crude rose 1.4 percent to $111.13 a barrel, while WTI futures jumped nearly 2 percent to $100.50. Investors weighed risks from the widening conflict in Yemen and the escalating Russia-Ukraine war. Iran is attacking ships more frequently than at any point in the war to assert control over the Strait of Hormuz, and Saudi Arabia postponed its flagship FII conference after Houthis claimed fresh attacks across the kingdom. Russia and Ukraine have resumed strikes on energy infrastructure. U.S. Energy Secretary Chris Wright said Gulf oil flows had recovered to about 80 percent of pre-conflict levels, though refined-product deliveries remain heavily constrained by a global refining crisis compounded by Ukraine's attacks on Russian refineries. The Trump administration is allowing investors to buy and refit sanctioned oil tankers for legal shipments, with the global "dark fleet" estimated at around 1,600 vessels.