Oil rises to $107 as US-Iran deal stalls, fueling supply fears

Oil prices rose for a second consecutive session on Tuesday, with Brent crude climbing 1.57% to $107 a barrel and US West Texas Intermediate rising 1.40% to $94, driven by supply fears from the stalled US-Iran conflict. Concerns over potential Middle East supply disruptions outweighed signs of recovery, as crude exports from major producers hit 12.8 million barrels a day in September, their highest since February. US and Iranian officials held separate talks with mediators to end the seven-month war, while the US considers regulatory relief for red-dyed diesel sales. Goldman Sachs outlined a scenario where oil could reach $120 a barrel if vessel attacks intensify, though prices could fall back toward $80 if exports normalize. JPMorgan said it lost visibility on the market, citing uncertainty over how the conflict could unfold.