Brent Hits New High as US-Iran Tensions Persist

Oil prices continued to rise for a second straight session on Tuesday, as concerns over disruptions to crude supplies from the Middle East outweighed signs of a recovery in exports from major producers.

Brent crude futures rose 1.5% to $106.9 a barrel, while US West Texas Intermediate (WTI) crude gained 1.5% to $93.9 a barrel.

The latest gains came as markets remained focused on the potential impact of the ongoing US-Iran conflict on regional energy supplies and shipping through the Strait of Hormuz.

Middle East supply concerns persisted, despite preliminary data showing exports from major regional producers rose to 12.8 million barrels per day in September, their highest level since February.