Commodities
Oil Prices Rise Again as Middle East Supply Concerns Persist
Oil prices rose for a second consecutive session on Tuesday due to ongoing concerns over Middle East supply disruptions, particularly in relation to the US-Israeli war on Iran.
The Brent crude futures for November increased by $1.71 (1.6%) to $106.99 per barrel at 09:26 am Saudi time, while the more actively traded Brent December contract rose $1.68 to $99.51 per barrel.
US West Texas Intermediate crude also gained $1.4 (1.5%) to reach $94 per barrel.
KCM Trade chief analyst Tim Waterer explained that 'a clearer picture is emerging of higher oil export volumes leaving the Gulf, but much of that increase still relies on workarounds such as ship-to-ship transfers,' which are less efficient and more costly than normal operations.