RoydadNaft –  Brent crude futures climbed $0.73 (1.01%) to settle at $72.72 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose $0.66 (0.96%) to $69.21 per barrel. 

According to Roydad Naft, Brent crude traded above $72 per barrel but remained near its lowest levels in more than four months, as signs of rising supply continued to weigh on prices and tanker traffic through the Strait of Hormuz showed signs of recovery.

Reports indicate that at least eight Japan-linked vessels have exited the strategic waterway, including five supertankers each capable of carrying 2 million barrels of crude. Meanwhile, Saudi Arabian oil giant Aramco cut the official selling price of its Arab Light crude for Asian buyers next month by $1.10 per barrel, bringing it to a $1.50 discount against the regional benchmark — a move that reflects softer market conditions.

The last time the company offered this grade at such a discount was during the oil price wars of 2020 and 2015. The price cut follows last weekend’s decision by OPEC+ members, led by Saudi Arabia, to raise production quotas for next month, further fueling expectations of stronger global supply.