• Oil held near a five-month high with heightened geopolitical risks in the Middle East and tighter supply from Mexico helping to buoy prices.
  • West Texas Intermediate rose toward $84 a barrel after closing up 0.6% on Monday, while Brent crude settled above $87. An Israeli airstrike on Iran’s embassy compound in Syria killed people including a top military commander, with Tehran saying it would respond decisively. Pemex, Mexico’s state-run oil company, said it plans to halt exports of its Maya crude over the next few months.
  • The US crude benchmark climbed 16% last quarter as production cuts by the Organization of the Petroleum Exporting Countries and its allies offset rising supply from outside the group. OPEC+ is expected to affirm its current output policy at a review meeting scheduled for Wednesday, which would lead to a deficit through the end of the year, according to BloombergNEF.