Middle East Tensions Ease, Boosting Oil Prices

Oil prices are on the rise after dipping in the previous trading session due to easing tensions in the Middle East conflict.

Brent crude oil futures for October delivery have increased by $1.25 (1.49%) to $85.02 a barrel on the ICE Futures stock exchange in London, following Monday's drop of $6.35 (7%) to $83.77 per barrel.

The September WTI crude oil futures also saw an increase of $0.90 (1.12%) to $81.24 a barrel on the New York Mercantile Exchange (NYMEX), after previously decreasing by $4.33 (5.1%) to $80.34 per barrel.