Oil Prices Rise for Second Day as Brent Hits $106 on Hormuz Risk
Global oil prices rose for a second day on Tuesday, with Brent crude for November delivery climbing 1.22% to $106.56 per barrel, as markets remained concerned over a prolonged Middle East conflict. The price increase followed reports of ongoing indirect negotiations between the US and Iran via Qatari mediators, though analysts noted that significant progress toward a ceasefire could pressure prices downward. US West Texas Intermediate also rose over 1% to $93.57 per barrel. Markets remain focused on the Strait of Hormuz, which handles roughly 20% of global oil supply, amid renewed Saudi-Houthi tensions. President Donald Trump has reportedly rejected Iran's conditional offer to reopen the strait, anticipating further strikes after November's midterm elections.