Middle East Ceasefire Hopes Fade, Oil Prices Rise

Oil prices rose for a third consecutive session on Tuesday as hopes for a Middle East ceasefire receded. This has heightened concerns over energy supplies and shipping.

Brent crude futures climbed to $91.76 a barrel, their highest level since July 30, after gains in the previous session.

The rise was driven by stalled peace efforts and continued attacks on oil tankers, which have kept crossings through the Strait of Hormuz at a trickle.

A projectile struck a vessel transiting out of the strait on Tuesday, while Yemen's Houthis launched missiles at what they described as a Saudi military ship and four escorts in the Red Sea.