📈 Global Oil Prices Rise Amid Middle East Supply Tensions

• Market & Price Movements: Global crude oil prices moved upward as market investors maintained caution over diplomatic negotiations and ongoing regional security risks. • Brent crude futures gained 46 cents (+0.58%) to reach US$ 79.91 per barrel. • U.S. West Texas Intermediate (WTI) crude added 36 cents (+0.48%) to settle at US$ 75.58 per barrel. • Geopolitical & Diplomatic Developments: Iran and Oman have finalized coordinates for a shipping route through the strategic Strait of Hormuz, with a joint announcement pending. The proposed arrangement would grant Tehran oversight of Gulf-bound maritime traffic, though U.S. officials maintain opposition to Iranian control over the vital energy transit corridor. • Supply Disruptions & Regional Risks: Maritime supply chain concerns remain elevated following reported Houthi missile strikes on Saudi oil tankers in the Red Sea and Gulf of Aden. July crude oil and condensate exports from Gulf nations remained approximately 40% below pre-conflict benchmarks. • Inventory Data: In the U.S., crude oil inventories saw an increase as refinery processing slowed slightly and import volumes edged higher.