Oil Prices Rise Amid Ongoing Middle Eastern Supply Concerns

Oil prices rose for a second day on Tuesday due to ongoing concerns over supply disruptions in the Middle East. The Strait of Hormuz, a critical shipping route, remains a focal point for traders as talks between the US and Iran continue without a breakthrough.

The price of Brent oil climbed above $103.60 per barrel in early Asian trade, while WTI oil traded above $93 earlier in the session. If these talks stall, some analysts predict that Brent could move towards the $110 level.

However, higher exports from Saudi Arabia and the UAE may offer less relief than expected due to costly shipping transfers between ships. A break above $97 for WTI would open the way for further upside toward $104, while a drop below $91 could send prices toward $87.