Oil tops $94, retreats to $92.75 amid Middle East supply fears

  • Crude oil rose above $94 before retreating to around $92.75 on Tuesday.
  • Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery.
  • Iran said it would create a shipping corridor with Oman through the Strait of Hormuz.

Crude oil climbed above $94 a barrel Tuesday before easing to around $92.75, remaining near six-week highs as weekend US-Iran strikes and attacks on Saudi Aramco facilities raised concerns about supply disruptions. Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving Saudi Arabia’s domestic market. The US military struck three Iranian oil tankers Saturday after Iran launched ballistic missiles at two Navy warships. Iran also said Monday it would establish a new shipping corridor with Oman through the Strait of Hormuz, a critical oil chokepoint, potentially complicating tanker traffic. Ships would have to coordinate with Tehran to enter a new restricted maritime zone around the waterway.

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