Crude oil prices briefly edged higher on Tuesday morning in Asia amidst reports of renewed geopolitical tensions in the Strait of Hormuz as media reports claim Iran fired at least two missiles at commercial vessels transiting the strategic waterway late Monday. WTI crude oil futures were trading higher by nearly 1% at $69.19 per barrel although the counter continues to linger around a four month low. Brent futures are also up 0.92% at 72.65 per barrel. OPEC+ members, meanwhile, approved a quota increase of 188,000 barrels per day for next month, continuing a progressive unwinding of long-standing production curbs as market conditions normalize.

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