WTI crude oil prices climbed on Tuesday following attacks near the Strait of Hormuz, a critical chokepoint for global oil shipments. These incidents have heightened concerns about supply disruptions in the oil market.
According to FX Street, WTI crude was trading around $70.44 per barrel, marking an increase of approximately 2.65% on the day. The price jump reflects investor caution amid geopolitical tensions that could impact oil availability.
For Japanese markets, which are heavily reliant on oil imports, such supply risks may influence energy costs and broader market sentiment in the near term.