Oil prices climb on Middle East supply disruption risks
Global oil prices rose on Tuesday, September 29, amid ongoing concerns about supply disruptions from the Middle East, according to CNBC. Brent crude futures for November increased by 1.22% to $106.56 per barrel, while US WTI contracts rose over 1% to $93.57. Senior market expert Mahmoud Mashal noted risks to energy infrastructure persist, though significant progress could lower prices. Market attention remains on the Strait of Hormuz, which previously handled 20% of global oil supplies. Uncertainty continues amid US-Iran mediation efforts by Qatar and rejected proposals to open key waterways. On September 23, prices had fallen on hopes of eased disruptions, and JPMorgan Chase abandoned its base forecast on September 19 due to unpredictable conflict outcomes.