Oil Prices Rise on Ongoing Middle East Supply Concerns

Oil prices rose for the second consecutive session on Tuesday as concerns over Middle East supply disruptions due to the US-Iran conflict outweighed signs of recovering crude exports from the region.

Brent crude futures increased by 63 cents, or 0.6%, to $105.91 a barrel by 0002 GMT, while US West Texas Intermediate crude rose to $93.32, up 72 cents, or 0.8%.

KCM Trade chief analyst Tim Waterer stated that 'a clearer picture is emerging of higher oil export volumes leaving the Gulf,' but added that much of this increase relies on workarounds such as ship-to-ship transfers, which are less efficient and more costly than normal operations.

Crude exports from major Middle Eastern producers climbed to 12.8 million barrels a day in September, the highest since February, preliminary figures from data provider Kpler showed on Monday, thanks to increased shipments from Saudi Arabia and the United Arab Emirates.