Crude oil traded below $69 per barrel on Tuesday, hovering near its lowest level in more than four months as signs of rising supply continued to weigh on prices, while vessel traffic through the Strait of Hormuz kept recovering.
Reports showed that at least eight Japan-linked ships exited the strategic waterway via a route near Iran, including five supertankers capable of carrying 2 million barrels of crude each.
Meanwhile, Saudi Arabian oil giant Saudi Aramco cut the price of its Arab Light crude for Asian buyers next month by $11 a barrel to a $1.50 discount against the regional benchmark, reflecting softer market conditions.
The last two times the company offered the grade at a discount were during oil price wars in 2020 and 2015.
The price cut came after OPEC+ members, led by Saudi Arabia, agreed over the weekend to increase production quotas for next month, reinforcing expectations of stronger global supply.