Oil Prices Rise as Middle East Supply Concerns Persist
Oil prices rose for a second consecutive session on Tuesday, with Brent crude futures increasing 63 cents, or 0.6%, to $105.91 per barrel by 0002 GMT, while US West Texas Intermediate climbed 72 cents to $93.32. Persistent concerns about supply disruptions from the Middle East due to the US-Iran conflict outweighed signs of recovering regional crude exports. Analyst Tim Waterer noted that while more oil is leaving the Gulf, much relies on costly, less efficient ship-to-ship transfers, keeping prices elevated. Preliminary data showed Middle East crude exports rebounded in September to 12.8 million barrels per day, the highest since February. US and Iranian officials held separate talks with mediators, with hopes for a deal preventing Brent from sustainably rising above $110.