Monitoring Desk
International oil prices climbed on Tuesday, with Brent crude reaching a five-month high of $111.75 per barrel, as geopolitical tensions and concerns over potential supply disruptions increased pressure on global energy markets.
As per available details, Brent crude futures were trading at $111.20 per barrel as of 1120 GMT, up $1.65, or 1.5%, amid a rise in the geopolitical risk premium following reports of attacks on Saudi infrastructure and vessels in the Gulf.
Yemen’s Houthi group claimed on Monday that it had launched attacks targeting Saudi energy facilities, airports and military installations. The targets allegedly included a Saudi Aramco facility in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha Airport.
Saudi authorities had not immediately confirmed the Houthi claims, while the reports of the attacks could not be independently verified by Reuters.
The developments heightened concerns about the security of energy infrastructure and shipping routes in a region critical to global oil supplies. Any further escalation could increase uncertainty in international crude markets.
Meanwhile, the US dollar traded unevenly against major currencies on Tuesday as investors assessed political developments in Europe and changes in risk appetite. The euro remained steady at $1.1216, while the British pound rose 0.1% to $1.3308.
The Australian dollar advanced 0.1% to $0.6986, and the New Zealand dollar gained 0.1% to $0.5668. The US dollar remained flat against the Japanese yen at 158.56 yen.
Political unrest in France and Italy also contributed to market uncertainty. French authorities imposed curfews in several cities following anti-government protests, while Italy announced plans to deploy 500 troops after two days of unrest.
The US dollar index rose 0.2% to 101.98 on Monday, ending a two-day losing streak.
The combination of geopolitical tensions, rising oil prices and shifting investor sentiment continued to shape movements across global commodity and currency markets.