Oil Prices Surge Amid Middle East Supply Concerns

Oil prices rose for the second consecutive session on Tuesday as concerns over supply disruptions in the Middle East continued to weigh on the market.

The stalled negotiations and renewed geopolitical tensions have heightened fears of prolonged disruptions to crude oil exports and shipping routes across the region, raising concerns about the recovery of global oil supplies despite expectations of a ceasefire.

Brent crude futures rose by $1.49, or 1.4 per cent, to $106.77 per barrel by 0326 GMT, while US West Texas Intermediate (WTI) crude gained $1.34, or 1.5 per cent, to $93.94 per barrel.

The sustained increase in crude prices underscores the market's sensitivity to developments in the Middle East, with oil trading between approximately $104 and $108 per barrel amid persistent supply concerns and geopolitical uncertainty.