Oil Prices Surge as Middle East Tensions Persist

Oil prices continued their upward trend on Tuesday, rising 1.3% to $106.60 per barrel for November Brent futures and 1.1% to $93.60 per barrel for WTI.

The gains were driven by concerns over Middle East supply disruptions, despite a recovery in crude exports from the region.

Qatari mediators held separate talks with Iranian Foreign Minister Abbas Araqchi and US officials on an amended seven-day proposal put forward by Iran last week.

The diplomatic uncertainty has offset evidence that physical oil flows are recovering, with crude exports from key Middle Eastern producers rising to 12.8 million barrels per day in September, their highest level since February.