Oil Prices Rise for Second Session Amid Ongoing West Asia Supply Concerns

Oil prices continued their upward trend for a second consecutive session on Tuesday due to ongoing concerns over supply disruptions in West Asia, caused by the US-Iran conflict.

The Brent crude futures price rose 63 cents or 0.6% to $105.91 per barrel, while US West Texas Intermediate crude increased by 72 cents or 0.8% to $93.32 a barrel.

KCM Trade chief analyst Tim Waterer noted that despite signs of recovering crude exports from the region, much of this increase still relies on workarounds such as ship-to-ship transfers, which are less efficient and more costly than normal operations.

Crude exports from major West Asian producers reached 12.8 million barrels per day in September, the highest level since February, thanks to increased shipments from Saudi Arabia and the United Arab Emirates, according to preliminary figures from data provider Kpler.