Oil Prices Climb as Middle East Disruptions Continue

Oil prices rose for the second consecutive day on Tuesday, despite some initial paring of gains, as concerns over Middle East supply disruptions remained in focus. The lack of progress in U.S.-Iran diplomacy has kept investors on edge, with worries about an energy shock driving up inflation and prompting central banks to raise interest rates.

The Brent futures contract had climbed near $109 per barrel in the previous session but settled at around $105 a barrel. Despite some recovery in crude exports from key regional producers, including Saudi Arabia and the United Arab Emirates, market concerns persist due to the high cost and difficulty of transporting oil around the Gulf.

Qatari mediators were expected to hold separate talks with Iran's foreign minister and U.S. officials on an amended seven-day proposal put forward by Iran last week. However, both sides remained pessimistic about reaching an agreement before the U.S. midterm elections.