Oil Prices Rise for Second Day as Middle East Supply Concerns Persist
Oil prices rose for the second session in a row on Tuesday as concerns about supply disruptions in the Middle East continued to weigh on markets.
The Brent crude futures price increased by $1.49, or 1.4%, to reach $106.77 per barrel, while US West Texas Intermediate crude was at $93.94, up $1.34, or 1.5%.
KCM Trade chief analyst Tim Waterer noted that while crude exports from major Middle Eastern producers rose to 12.8 million barrels a day in September, the increase still relies on workarounds such as ship-to-ship transfers, which are less efficient and more costly than normal operations.
US and Iranian officials spoke separately with mediators in an effort to end the seven months of war between the two countries, but further talks are expected to focus on an amended version of a proposal presented by Iran last week.