Brent Climbs After LNG Carrier Hit Near Hormuz

Brent crude rose toward $73 per barrel on Tuesday, reaching a one-week high after a fully laden LNG carrier owned by a Qatar state shipping company was struck by a projectile near the Omani coast while exiting the Strait of Hormuz. The incident renewed concerns among shipowners and raised questions over the durability of the US-Iran agreement aimed at preventing attacks in the strategic waterway. Even so, oil prices remained close to their lowest levels since late February as growing supply expectations continued to weigh on the market. Reports indicated that at least eight Japan-linked vessels exited Hormuz via a route near Iran, including five supertankers capable of transporting 2 million barrels of crude each. Saudi Aramco also cut the price of its Arab Light crude for Asian buyers next month by $11 per barrel, widening the discount to $1.50 below the regional benchmark amid softer market conditions.