Oil prices rise for second session on Middle East supply concerns

Oil prices rose for a second consecutive session on Tuesday, with Brent crude futures climbing 0.6% to $105.91 a barrel, driven by persistent concerns over Middle East supply disruptions from the US-Iran conflict. While crude exports from major Middle Eastern producers reached 12.8 million barrels a day in September, the highest since February, much of the increase relies on costly workarounds like ship-to-ship transfers, keeping prices elevated. US and Iranian officials are also pursuing renewed negotiations through mediators. The war, which began in late February, has focused attention on the Strait of Hormuz, a crucial shipping lane. Separately, the US is considering regulatory relief for red-dyed diesel sales to help lower prices, a potential alternative to an export ban.