Middle East Conflict Drives Oil Prices Higher Again
Oil prices have risen for the second consecutive session as ongoing concerns over Middle East supply disruptions continue to weigh on markets. The US-Israeli war on Iran has sparked worries about potential supply chain disruptions, overshadowing recovering crude exports from the region.
The price of Brent crude futures for November rose 19 cents to $105.47 a barrel at 0844 GMT, while the more actively traded December contract increased by 11 cents to $97.94 a barrel. Meanwhile, US West Texas Intermediate crude was up 22 cents at $92.82.
The recent increase in oil prices may be attributed to lingering concerns about supply disruptions, which are driving market sentiment. The ongoing conflict in the Middle East is expected to impact global energy markets and potentially lead to higher prices.