Crude Prices Surge on Tightened Middle East Supplies

Crude oil prices settled higher on Tuesday, reaching a one-week high and gasoline posting a 1.5-week high.

The lack of an agreement between Iran and Oman to reopen the Strait of Hormuz is limiting crude supplies from the Middle East and underpinning oil prices.

Pakistani defense minister Khawaja Asif said that signals in the 'last two to three days are that we are close to some sort of agreement' regarding the reopening of the strait.

However, gains in crude were limited after Pakistan signaled the US and Iran were close to an arrangement that could reopen the Strait of Hormuz.