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Brent crude oil retreated from a five-month high, while WTI crude oil rose as the market digested the Middle East risk premium.
On Tuesday, Brent crude futures fell 0.61% to $108.88, after touching a five-month high of $111.99 during the session; US WTI crude futures rose 0.85% to $104.54, with an intraday high of $110.48, the highest since April. ING analysts noted that oil prices remain supported, indicating that the market is pricing in a significant risk premium due to Houthi attacks on Saudi infrastructure and other developments in the Gulf region, and vessel tracking firm Kpler stated on Monday that at least 18 vessels have been attacked in two weeks, maintaining the risk premium.
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