Oil price today: Crude benchmarks inch higher as focus shifts to supply, demand and Hormuz shipments

Oil prices saw a slight increase Tuesday after a tanker was struck near the Strait of Hormuz. This incident raised security concerns on a vital global oil shipping route. However, market gains were limited as traders focused on rising crude supplies. The United Arab Emirates and OPEC+ have agreed to increase their oil production levels. Saudi Arabia also lowered its August crude selling price for Asian markets.