Oil Prices Rise Amid Ongoing US-Iran Tensions

Oil prices are rising after falling for two weeks, gaining almost 3% as tensions between the US and Iran remain in focus.

The increase in oil prices is due to ongoing uncertainty over when the Strait of Hormuz will reopen, following President Trump's refusal to accept an Iranian ceasefire.

In addition, physical supplies are improving, with OPEC countries increasing crude supplies to 12.8 million barrels per day in September, marking the highest level since February.

However, production is still around 6 million barrels per day below February levels, when it was 18.8 million barrels per day.