Oil Prices Climb Amid Ongoing Middle East Supply Concerns

Oil prices have risen for a second consecutive session due to ongoing concerns over supply disruptions in the Middle East. The US-Iran conflict has been a major contributor to these concerns, with traders weighing the potential impact on crude exports from the region.

A key factor is the continued reliance on less efficient and more costly 'workarounds' such as ship-to-ship transfers to transport oil. This has helped drive up prices despite some recovery in export volumes from major Middle Eastern producers.

Preliminary figures show that crude exports from these countries have climbed to 12.8 million barrels a day in September, the highest since February. However, this increase is largely due to increased shipments from Saudi Arabia and the United Arab Emirates.