Oil Prices Rise Amid Ongoing US-Iran Tensions

Oil prices rose on September 29 amid concerns about disruptions to crude supplies from the Middle East due to the ongoing conflict between the US and Iran. Despite signs of recovery in oil exports from the region, tensions remain high.

Data from Kpler showed that crude oil exports from major Middle Eastern producers increased to 12.8 million barrels per day in September, their highest level since February. This uptick in exports may have contributed to the rise in oil prices.

The US and Iranian officials held separate talks with mediators on September 28 as part of renewed efforts to end the war. The next round of talks is expected to focus on a revised version of a proposal put forward by Tehran last week, according to Reuters.