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Oil climbs as U.S. orders diplomats out of Saudi
Global oil prices have risen to their highest levels since May, with Brent crude reaching around $110 per barrel amid escalating tensions in the Strait of Hormuz, which experienced 12 attacks over the past week and posed a threat to global oil supplies. The International Energy Agency called on member countries to increase supplies of crude oil and refined products to address the crisis. Meanwhile, President Trump mentioned exporting record amounts of oil through the Strait over three days. However, recent declines in oil prices have been observed following forecasts of increased Russian supplies and the agency's decision to prioritize diesel stockpiles.
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