Oil rises on Middle East supply worries

Oil prices rose for a second day on Tuesday, driven by persistent concerns that the Middle East conflict will continue, with Brent crude up 1.22% to $106.56 a barrel and West Texas Intermediate advancing over 1% to $93.57. The gains come despite renewed diplomatic efforts, as the U.S. and Iran reportedly held indirect talks via Qatari mediators in New York, according to Iranian Foreign Minister Abbas Araghchi. Analysts say meaningful progress could lower prices, but risks to energy infrastructure and flows remain due to Saudi-Houthi tensions. The Strait of Hormuz, which carried 20% of global oil supply before the war, remains closely watched. President Trump rejected Tehran's conditional proposal to reopen the strait on Saturday, reportedly expecting to resume bombing Iran after November's midterm elections.