Oil Prices Surge on Middle East Conflict Fears and US-Iran Negotiations

Oil prices rose by 1% on Tuesday as concerns over conflict in the Middle East and uncertainty surrounding US-Iran negotiations supported crude prices.

The international benchmark Brent crude futures for October traded at $84.64 per barrel, while the US benchmark West Texas Intermediate (WTI) futures traded at $80.63 per barrel.

Persistent security risks facing commercial shipping in recent days and concerns that renewed tensions between Washington and Tehran could disrupt crude shipments through the Strait of Hormuz continued to support prices.

Negotiations between the US and Iran, supported by Gulf countries and aimed at reaching a lasting agreement, have yet to produce a concrete outcome, lending further support to crude prices.