Middle East Supply Concerns Fuel Second Consecutive Oil Price Rise

Oil prices rose for the second consecutive session on September 28 due to ongoing concerns over Middle East supply disruptions caused by the US-Iran conflict.

The Brent crude futures price increased by $0.63, or 0.6%, to $105.91 a barrel, while US West Texas Intermediate crude was up $0.72, or 0.8%, at $93.32 per barrel.

KCM Trade chief analyst Tim Waterer noted that while crude exports from major Middle Eastern producers reached 12.8 million barrels per day in September, the highest since February, much of this increase relies on less efficient and more costly methods such as ship-to-ship transfers.