Oil Prices Climb as Middle East Conflict Fears Intensify
Oil prices rose for the second consecutive day on Tuesday as concerns grew that the Middle East conflict could drag on longer, despite ongoing efforts to defuse tensions.
The Brent crude futures price increased by 0.08% to $107.32 per barrel, while West Texas Intermediate (WTI) crude futures rose by $0.21 or 0.22% to $94.28 per barrel, according to data from Mettis Global.
The conflict in the Middle East has been a major concern for global oil markets, with the Strait of Hormuz remaining a key flashpoint. The Strait is crucial for oil supplies, as it accounts for 20% of the world's oil flow before the war.
Efforts to end the conflict are underway, with the United States and Iran engaging separately with mediators. Iranian Foreign Minister Abbas Araghchi stated that Tehran had held indirect talks with Washington through Qatari mediators in New York.