Oil Prices Surge as US-Iran Tensions Fuel Supply Disruption Fears

Oil prices continued to rise on September 29 as tensions between the US and Iran heightened concerns over potential supply disruptions.

The Brent crude futures price rose by $1.49, or 1.4%, to $106.77 per barrel, while West Texas Intermediate (WTI) crude gained $1.34, or 1.5%, to $93.94 per barrel.

Despite a recovery in exports from the Persian Gulf region, operational and insurance costs are being driven up by complicated arrangements such as 'ship-to-ship transfers', according to Tim Waterer, chief market analyst at KCM Trade.