Oil prices fell on Tuesday after an agreement between Washington and Moscow

(MENAFN- MENAFNEditorial) Oil prices fell on Tuesday after an agreement between Washington and Moscow to bring additional Russian diesel to global markets eased some of the pressure on refined products and oil demand. Despite the retreat, prices remain near the upper end of the range seen in recent weeks.

Middle East risks continue to provide a stronger floor for prices. Disruptions through the Strait of Hormuz remain unresolved, while tensions have spread towards Bab el-Mandeb and Saudi Arabia. Crucially, major energy infrastructure has so far remained intact, preventing a more severe loss of physical supply. Any attack on export terminals, pipelines or other critical infrastructure would trigger renewed buying pressure.

Looking ahead, crude is likely to remain within its recent range, with the downside constrained by persistent Gulf supply risks. Confirmed Russian diesel cargoes or a broader easing of Moscow's export restrictions could add pressure, although their impact may remain secondary unless volumes increase materially. A concrete step towards restoring normal traffic through Hormuz would represent a more significant bearish catalyst by allowing constrained Gulf supply to return. Conversely, renewed escalation in the Gulf or Red Sea, particularly if energy infrastructure is affected, could quickly push prices above the top of the recent range.

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