Middle East Supply Disruptions Fuel Oil Price Rise
Oil prices continued their upward trend on Tuesday, driven by concerns over potential supply disruptions from the Middle East. Brent crude futures rose 63 cents, or 0.6 percent, to $105.91 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 72 cents, or 0.8 percent, to $93.32 a barrel.
The gains came despite preliminary data showing a rebound in crude exports from major Middle Eastern producers in September. Figures released by commodities data firm Kpler showed that crude oil exports from major producers in the region rose to 12.8 million barrels per day in September, their highest level since February.
This recovery in regional exports was driven by increased shipments from Saudi Arabia and the United Arab Emirates. However, concerns over potential supply disruptions continued to weigh more heavily on the oil market during Tuesday's trading.