• Oil extended gains as another attack in the Red Sea added to heightened geopolitical tensions in the Middle East ahead of an OPEC+ meeting on the weekend.
• West Texas Intermediate climbed above $80 a barrel, while Brent futures closed 1.4% higher near $84 on Tuesday. A bulk carrier has taken on water after being attacked while sailing through the key waterway, while Israel continues its military operations in the southern Gazan city of Rafah.
• Oil is higher this year due to tensions across the Middle East and OPEC+ supply cuts, although prices have softened since early April. The alliance is scheduled to meet online Sunday to discuss its production policy, and most market watchers expect a rollover of curbs.