Oil Prices Rise on Ongoing Supply Concerns in West Asia
Oil prices continued their rise for the second consecutive session as concerns over supply disruptions in West Asia due to the US-Iran conflict persisted. Brent crude futures increased by 63 cents, or 0.6%, to $105.91 a barrel, while US West Texas Intermediate crude rose by 72 cents, or 0.8%, to $93.32.
KCM Trade chief analyst Tim Waterer pointed out that despite higher oil export volumes from major West Asian producers in September, including increased shipments from Saudi Arabia and the United Arab Emirates, prices remain elevated due to less efficient and more costly 'workarounds' such as ship-to-ship transfers.
Crude exports from these major producers reached 12.8 million barrels a day in September, the highest since February, according to preliminary figures from data provider Kpler.
US and Iranian officials held renewed talks with mediators to end the seven months of war, but no breakthrough was reported. Analysts remain cautious about a potential deal, citing competing forces and the need for traders to separate 'signal from noise.'