Commodities
Middle East Supply Risks Spark Oil Price Bounce
Oil prices edged higher on Tuesday after a sharp sell-off in the previous session, driven by ongoing concerns over potential supply disruptions in the Middle East.
The diplomatic breakthrough between the US and Iran remains distant, with Iran's Foreign Ministry denying any active negotiations with Washington.
Fresh maritime security reports from the UK Maritime Trade Operations (UKMTO) also contributed to the price increase, citing a vessel incident near the Strait of Hormuz.
The Strait of Hormuz is a critical shipping route, and according to Barclays, net crude and refined product exports through it averaged 4.2 million barrels per day in the week ending July 31.