Oil Prices Soar on US-Iran Conflict Fears

Oil prices continued their upward trend for a second consecutive session on Tuesday due to concerns over Middle East supply disruptions caused by the US-Iran conflict. Despite signs of recovering crude exports from major regional producers, Brent crude futures rose by $0.63 (0.6%) to reach $105.91 per barrel, while West Texas Intermediate crude increased by $0.72 (0.8%) to $93.32 in early trading.

The uptick in oil prices is largely attributed to the ongoing tensions between the US and Iran, which have raised concerns about potential supply disruptions. Preliminary data from Kpler showed that crude exports from major Middle Eastern producers reached 12.8 million barrels per day in September, their highest level since February, driven by increased shipments from Saudi Arabia and the UAE.