Crude oil rises for three consecutive days, surpassing the $84 mark as geopolitical supply risks intensify and multiple key shipping routes are threatened

(1) Crude oil prices rose over 2% on Tuesday to around $84.5 per barrel, reaching the highest level since June 12 and climbing for the third consecutive trading day, as supply-side concerns intensified simultaneously on several key export routes. (2) The conflict between the US and Iran continues to escalate, with the US military carrying out air strikes for the tenth day in a row. The President has stated that a tough response will be taken regarding attacks on US soldiers, and there are further reports of oil tankers being attacked near the Strait of Hormuz, keeping shipping security risks elevated. (3) Yemen's Houthi forces have threatened to block Saudi maritime traffic in the Red Sea, already causing at least one Saudi oil tanker to alter its course. Combined with disruptions in Kazakh oil exports following an attack on the Caspian Pipeline Consortium terminal on the Black Sea coast, the global oil supply is facing multiple regional shocks. (4) Saudi Arabia has announced it will take all necessary measures under international law to ensure the safety of its vessels, as the supply stability of major oil-producing countries in the Middle East is facing a severe test.