Middle East Supply Disruptions Fuel Oil Price Surge
Oil prices rose for the second consecutive day as concerns about disruptions to Middle Eastern supplies due to the US-Iran conflict outweighed signs of recovering crude exports from the region.
The Brent crude futures had increased by $1.49, or 1.4%, to $106.77 a barrel, while US West Texas Intermediate crude was at $93.94, up $1.34, or 1.5%
Crude exports from major Middle Eastern producers increased to 12.8 million barrels per day in September, the highest level since February, preliminary figures from data provider Kpler showed.
The US and Iranian officials held separate discussions with mediators in a renewed effort to end seven months of war, with further talks expected to focus on an amended version of a seven-day proposal presented by Iran last week.