Oil Prices Rise Again on Ongoing Middle East Supply Concerns

Oil prices continued their upward trend for a second consecutive session on Tuesday, buoyed by ongoing concerns over supply disruptions in the Middle East. Brent crude futures rose $1.49, or 1.4%, to $106.77 a barrel, while US West Texas Intermediate crude gained $1.34, or 1.5%, to reach $93.94.

The recent price increases were fueled by lingering worries over the US-Iran conflict's impact on oil supply. Despite reports of recovering crude exports from major Middle Eastern producers, prices remain elevated due to less efficient and more costly workarounds such as ship-to-ship transfers.

Data provider Kpler showed that crude exports from major Middle Eastern producers reached 12.8 million barrels a day in September, the highest since February, thanks to increased shipments from Saudi Arabia and the United Arab Emirates.