Oil Prices Climb as Iran Conflict Concerns Persist

Oil prices continued their upward trend on Tuesday, rising for a second consecutive session as concerns over Middle East supply disruptions persisted. The war on Iran remains a major concern, with US President Donald Trump stating that he had offered Iran nothing to end the conflict. Despite this, crude exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, the highest level since February.

The Brent crude futures for November rose by 19 cents to $105.47 a barrel, while the December contract gained 11 cents to $97.94 a barrel. US West Texas Intermediate crude also increased by 22 cents to $92.82 a barrel. Analysts say that media reports suggesting a possible rapprochement between the United States and Iran are merely wishful thinking.