Oil prices rise for second session on Middle East supply risks

Oil prices rose for a second consecutive session on Tuesday as concerns over potential Middle East supply disruptions from the US-Iran conflict outweighed signs of recovering regional crude exports. Brent crude traded at $106.86 a barrel, up 1.50%, while WTI crude was at $93.86, up 1.36%. Crude exports from major Middle Eastern producers increased to 12.8 million barrels per day in September, the highest since February, driven mainly by higher shipments from Saudi Arabia and the UAE. However, this recovery did little to ease worries about potential impacts on the Strait of Hormuz, a key shipping route. US and Iranian officials held separate talks with mediators to end the seven-month conflict, with negotiations expected to focus on an amended version of a seven-day proposal from Iran. Separately, the US is considering regulatory relief for red-dyed diesel sales to lower fuel prices.