Oil Prices Climb Amid Growing Concerns Over Middle East Supply Disruptions

Deep News07-22 07:50

Oil prices advanced during early Asian trading as concerns over supply disruptions in the Middle East intensified.

The front-month West Texas Intermediate futures contract rose 0.4% to $84.68 per barrel.

Analysts at ANZ Research noted in a report that a Kuwaiti oil tanker was struck by an unidentified projectile in the Strait of Hormuz, northeast of Oman.

The analysts added that this incident followed attacks in recent days on vessels owned by Dynacom Tankers Management.

They stated that these events have left the Strait of Hormuz devoid of traffic, with no vessel transits observed through the waterway on Tuesday.

The analysts from ANZ Research further commented that, in addition, the prospects for a US-Iran ceasefire agreement have dimmed.

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