00:01Oil prices continued to trade around a five-month high on Tuesday morning as traders
00:07weighed the risk of further Iranian attacks in the Strait of Hormuz amid relatively strong
00:12flows of crude oil from the Persian Gulf. International benchmark Brent crude futures
00:17traded at around $110 a barrel ahead of the European market's opening, while US benchmark
00:24WTI crude traded above $104 a barrel for delivery next month. Strategists say the high prices despite
00:33strong flows suggest the market is pricing in a significant risk premium, given the situation's
00:39volatility. Record tanker freight rates are also adding to costs. The US is considering allowing
00:45the sale of sanctioned tankers, enabling them to return to the legitimate market, boost shipping
00:51capacity and reduce oil delivery costs. However, strategists noted that it remains unclear how
00:57much capacity this would add, or how quickly it could bring any relief to prices.
