Oil Prices Rise Amid Stalled US-Iran Diplomacy and Persistent Supply Risks

Oil prices climbed on Tuesday, building on gains from the prior session, as diplomacy between the United States and Iran stalled. This kept market attention focused on the risk of supply disruptions in the Middle East.

According to Investing.com, Brent crude futures for November delivery rose 1.5% to $106.90 a barrel, while West Texas Intermediate futures increased by 1.3% to $93.80 a barrel as of 02:51 ET, or 06:51 GMT.

The diplomatic uncertainty has countered signs that physical oil flows are improving. Preliminary Kpler data showed crude exports from major Middle Eastern producers climbed to 12.8 million barrels per day in September, the highest since February. Saudi Arabia and the United Arab Emirates contributed much of this increase.