US-Iran Conflict Fuels Oil Price Rally Amid Middle East Supply Concerns

Oil prices rose for the second consecutive day due to concerns over possible disruptions in Middle East energy supplies.

The ongoing US-Iran conflict continues to dominate market sentiment, outweighing indications that crude exports from the region are recovering.

Brent crude futures increased by $1.49 or 1.4% to $106.77 a barrel, while US West Texas Intermediate (WTI) crude rose by $1.34 or 1.5% to $93.94 a barrel.

Despite diplomatic efforts between the US and Iran, uncertainty over the outcome of these talks continues to support oil prices.