Commodities
Oil Prices Keep Climbing Amid Ongoing Middle East Supply Concerns
Oil prices rose for the second day in a row on Tuesday as concerns over Middle East supply disruptions due to the US-Israeli war on Iran continued to weigh on the market.
The Brent crude futures contract for November increased by 19 cents, or 0.2%, to $105.47 per barrel at 0844 GMT, while the more actively traded December contract rose by 11 cents to $97.94 per barrel.
US West Texas Intermediate (WTI) crude also saw an increase, reaching $92.82 after a rise of 22 cents.
KCM Trade chief analyst Tim Waterer noted that while there is evidence of higher oil export volumes leaving the Gulf region, much of this growth relies on workarounds like ship-to-ship transfers, which are less efficient and more costly than normal operations.