Oil Rises for Second Day as Middle East Supply Risks Persist
Brent crude rose 1.22% to $106.56 a barrel as indirect U.S.-Iran talks and Strait of Hormuz risks kept supply fears elevated.
- On Tuesday, oil prices extended gains for a second day as persistent Middle East conflict concerns outweighed recovering crude exports. Brent crude futures for November rose 1.6%, while West Texas Intermediate crude reached $94.
- Ongoing US-Israeli war on Iran has focused global attention on the Strait of Hormuz, a vital shipping route that previously facilitated 20% of the world's oil supply. Disruptions to this waterway continue to drive market uncertainty.
- KCM Trade chief analyst Tim Waterer noted, 'Much of that increase still relies on workarounds such as ship-to-ship transfers.' Crude exports climbed to 12.8 million barrels a day in September, as these logistical workarounds keep global prices elevated.
- On Saturday, Trump rejected a conditional proposal from Tehran to reopen the waterway. Mediators are working with both sides to end the seven-month conflict, though officials reportedly expressed pessimism regarding a deal.
- UOB analysts said, 'Dominant risk remains the current standoff.' Further talks are expected to focus on an amended seven-day proposal presented last week at the United Nations General Assembly.
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Oil Prices Rise as Middle East Supply Risks Keep Markets on Edge
Oil prices climbed for a second straight session as concerns over potential disruptions to Middle Eastern supplies outweighed evidence of recovering crude exports. Brent remained ... The post Oil Prices Rise as Middle East Supply Risks Keep Markets on Edge first appeared on [your]NEWS.
Oil prices rise amid concerns over Middle East supply disruptions
London, Sept. 29 (SANA) Oil prices rose for a second straight session on Tuesday as persistent concerns over potential supply disruptions from the Middle East outweighed signs of a recovery in the region’s crude exports. Reuters reported that Brent crude futures rose 63 cents, or 0.6 percent, to $105.91 a barrel, while U.S. West Texas […]
Oil rises due to risks of supply disruptions from the Middle East <p>Brent rose to $106.77, WTI to $93.94 per barrel. Markets assess the risks of the US-Iran conflict for supplies through Ormuz.</p>
Oil prices continued to rise on concerns that a US-Iran conflict could disrupt oil supply in the Middle East. Brent rose nearly 2% to $107, while WTI climbed to $94.
Oil Rises for Second Day as Middle East Supply Risks Persist
Oil prices rose for a second successive session on Tuesday as lingering concern over Middle East supply disruption brought about by the US-Israeli war on Iran outweighed signs of recovering crude exports from the region.Brent crude futures for November LCOc1 rose $1.71…
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