Oil Prices Rise Again as US-Iran Conflict Fuels Supply Worries

Oil prices rose for a second consecutive session on Tuesday due to concerns over potential disruptions to Middle East supplies caused by the US-Iran conflict. Brent crude futures increased by $1.49, or 1.4%, to $106.77 a barrel by 8:56 am IST. Meanwhile, US West Texas Intermediate (WTI) crude gained $1.34, or 1.5%, to $93.94 a barrel.

The conflict has drawn renewed attention to the Strait of Hormuz, a key shipping route for global oil and gas supplies. Any disruption to the waterway could have a significant impact on energy markets.

Crude exports from major Middle Eastern producers increased to 12.8 million barrels per day in September, driven mainly by higher shipments from Saudi Arabia and the United Arab Emirates. However, this recovery has done little to ease concerns about the potential impact of the conflict on regional oil supplies.